USDJPY resilient consolidation leaves risk for bull extension
· A high level digestion Monday, above minor support at 1.0860/50 and better trend support below at 108.050.
· Having hit target our next extension target at 109.40 last week, we aim higher and see bull pressures this week and for latter September for 109.70 next.
· However, for late September/ early October upside targets area at the psychological/ option resistance at 110.00 and the key high from 2008, 110.57, with growing risk for a month-end test!
WHAT CHANGES THIS?
· Below 108.05 eases bull risks; through 106.81 signals a neutral tone, only shifting negative below 106.05.
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4 Hour USDJPY Chart
Monthly USDJPY Chart