USDJPY top and bear bias intact to aim lower for 104.80/69/47 into late October
· Despite a Monday probe above modest resistance at 106.75/80 a failure as expected, back from ahead of a better barrier at 107.50.
· Whilst below here, the break of 106.05/105.80 chart/ retrace support least week leaves deeper correction risk for mid-month, down below the 105.19 low for retrace and charts targets at 104.80 and 104.69.
· Into midweek, we see bias for a roll back lower, for 106.15 and 105.50.
WHAT CHANGES THIS?
· Above 107.50 eases bear risks; through 108.15/20 signals a neutral tone, only shifting positive above 108.75.
Download our full report with latest screencast & levels here: http://members.marketchartist.com/Daily/USDJPY.pdf
4 Hour USDJPY Chart