MARKET SHOULD BE WELL SUPPORTED ON DIPS TOWARDS 92.00
Usd/Jpy: First day back from holiday so we won’t look to get too aggressive here. However, the pair has come under some intense pressure over the past several days with setbacks accelerating into the early week. The market has already met its daily average true range and with the 78.6% fib retracement off of the 91.75-97.80 move now being exceeded, next key support comes in by the medium-term 91.75 low from July 13. But any dips below 92.00 should be limited with the market well supported at 91.75, and as such, we will look to take advantage of an oversold intraday chart for a very playable counter-trend move. STRATEGY: BUY @92.05 FOR AN OPEN OBJECTIVE, STOP @90.55. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY NY CLOSE (5PM ET) ON MONDAY.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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