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Thread: USD/JPY Mid-Day Outlook

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    Default USD/JPY Mid-Day Outlook

    USD/JPY Mid-Day Outlook
    USDJPY Outlook | Written by ActionForex.com | Mar 03 08 15:13 GMT |
    USD/JPY Mid-Day Outlook
    Daily Pivots: (S1) 103.15; (P) 104.26; (R1) 104.84; More.

    USD/JPY turned into sideway trading after fall from 108.59 was contained at 102.61, slightly above mentioned short term target of 61.8% projection of 114.77 to 104.96 from 108.58 at 102.51. Nevertheless, intraday bias remains on the downside as long as 103.67 minor resistance holds. Firm break of mentioned 102.51 target will encourage further fall to key medium term support level at 101.22/65. Meanwhile, above 103.67 will turn intraday outlook consolidative first. But recovery should be limited by 104.92 resistance and bring another decline.

    In the bigger picture, downtrend from 124.13 is still in progress, towards key medium term support zone of 101.22/65 level. However, since the structure of the fall from 124.13 is not clearly impulsive yet, the fall from 124.13 might only be part of a wide range consolidation pattern and 101.22/65 key support might hold. Much attention will be paid there on sign of reversal as USD/JPY approaches this key support zone. Strong rebound, followed by break of 108.59 resistance, will indicate that whole decline from 124.13 has made a medium term low already. Much stronger rebound should then be seen in such case.

    Though, sustained trading below this support zone and 100 psychological support will indicate that multi-year consolidation pattern has completed and deeper medium term down trend should then be seen to next psychological support at 90.


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    usd/jpy would keep in bear movement in the short and medium term

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    well usd jpy is 101 level now another push would take it to 100,thats amazing

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    the real key for a bad downtrend is the 80 level. 100 level is just a dream, and a nightmare for traders, once this point be crossed and left behind, the point is 80. from there, the target is approaching 50 yens. would you imagine?

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    Default UJ

    Quote Originally Posted by cesar View Post
    the real key for a bad downtrend is the 80 level. 100 level is just a dream, and a nightmare for traders, once this point be crossed and left behind, the point is 80. from there, the target is approaching 50 yens. would you imagine?
    i think ur assumptions are right but it would take months before dollar go down so deep

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    Quote Originally Posted by tauqeer View Post
    i think ur assumptions are right but it would take months before dollar go down so deep
    the real point is the price never go down to 50 yens. that could mean the destruction of the dollar economy, and exportations of the countries, and many other things.... too many political reasons to support dollar... and i asume governments make interventions of market to buy tons of dollar to raise the price again.
    If there is no intervention, this price (50) could come in may with no problem because of the aceleration of the fall because of the fear to a world recession

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    Default Usd-jpy

    USD-JPY
    97.32. Current fall is near an end of wave around 94.35 - 97.12 zone, a rally should then procede to above 98.21 or 99.03. Fall below 94.03 would cancel this scenario.

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    Default Aud-usd

    AUD-USD
    0.9192. Market should meet resistance at 0.9256. We expect then an extended move down to 0.9088 -0.9000 area.

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    Default UJ support

    Quote Originally Posted by fxcarbon View Post
    usd/jpy would keep in bear movement in the short and medium term
    well i hoped UJ today will not break 96 during newyork session and it seems there is some support for it there in these levels.Buy at 96.50 and sell at 98.50

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    Default Usd-jpy

    USD-JPY
    100.03. It should trade higher to 101.14 while 98.99 or 98.44 offers support. Stop loss below 97.89 zone.

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    Resistance levels for the currency couple USD/JPY are expected at today's top 102.95, followed by the tops from 11 and 5 March respectively at 103.70 and 104.30.

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    No change in USD/JPY's outlook as the pair continues stay in tight range 101.44 and 102.94. With 4 hours MACD staying below signal line, as well as with USD/JPY near to 103.59 key near term resistance, an intraday top is around the corner, if not already in place.
    Hence, outlook remains neutral for the moment.

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    it mad e it to 100 today and now at 100.95

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    USD/JPY's fall from 102.25 was contained above 100.02 and continues to engage in choppy sideway trading.
    Outlook remains neutral for the moment.
    Though, prior break of inner rising trend line suggests that rebound from 95.77 should have completed with corrective three waves up to 102.94. Below 100.02 will suggest that fall from 102.94 has resumed for 98.55 first. Further break will confirm that rise from 95.77 has completed and will bring retest of this low.
    On the upside, while another rise cannot be ruled out, decisive break of 103.59 resistance zone is still needed to indicate underlying upside momentum is still strong, otherwise, corrective

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    USD/JPY surges sharply higher to 104.43 today and remains strong. Break of 103.59 cluster resistance, as well as 55 days EMA (now at 103.30) indicates that a medium term bottom is already in place at 95.77. At this point, intraday bias remains on the upside as long as 103.15 minor support holds. Further rally is now expected to be seen towards 108.59 resistance first. Below 103.15 will turn intraday outlook neutral first

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