USDJPY - Weekly Outlook
Selling in front of 148.30 (stop at 150.30)
Strong selling pressure from the 151.91 swing high resulted in both the weekly and monthly charts posting bearish Outside Candles. This has resulted in the immediate bias being negative. Although the last two days have witnessed dips being bought, there is no clear indication of a change in the medium-term trend. There is scope for further buying pressure, but we look for rallies to be limited.
Our profit target is 143.90 and 142.85
Resistance: 148.35 / 149.75 / 151.91
Support: 146.22 / 143.87 / 142.85
Selling in front of 148.30 (stop at 150.30)
Strong selling pressure from the 151.91 swing high resulted in both the weekly and monthly charts posting bearish Outside Candles. This has resulted in the immediate bias being negative. Although the last two days have witnessed dips being bought, there is no clear indication of a change in the medium-term trend. There is scope for further buying pressure, but we look for rallies to be limited.
Our profit target is 143.90 and 142.85
Resistance: 148.35 / 149.75 / 151.91
Support: 146.22 / 143.87 / 142.85
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