USD/JPY Bears Seek to Regain Control
USD/JPY is back on the defensive this week with a two-day sell-off of nearly 2% once again approaching multi-month uptrend support.
The focus is on a reaction into confluent support near 154.09 IF reached with a close below 152.55 ultimately needed to suggest a larger reversal is underway here.
Initial resistance eyed at the yearly high-day close (HDC) at 156.30- with a breach / close above the upper parallel (blue) needed to shift the focus back towards the the yearly high-close (HC) at 158.28.
Bottom line: look for a reaction on stretch into 154 for guidance with the risk lower sub-157.
NFPs on tap Friday. . .
Michael Boutros
MBForex
The focus is on a reaction into confluent support near 154.09 IF reached with a close below 152.55 ultimately needed to suggest a larger reversal is underway here.
Initial resistance eyed at the yearly high-day close (HDC) at 156.30- with a breach / close above the upper parallel (blue) needed to shift the focus back towards the the yearly high-close (HC) at 158.28.
Bottom line: look for a reaction on stretch into 154 for guidance with the risk lower sub-157.
NFPs on tap Friday. . .
Michael Boutros
MBForex
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