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USDJPY Falters at Our 107.50 Barrier; Initial Risk Back to 106.15 and 105.50

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USDJPY Falters at Our 107.50 Barrier; Initial Risk Back to 106.15 and 105.50

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

b2ap3_thumbnail_USDJPY1_20141021-055719_1.png

 

 

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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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