USDJPY positive range theme aims higher; risk of shift to more bullish tone
· We have stated in client reports this week that “within the range, the risk is skewed higher this week, for 102.00 and maybe then to key resistance at 102.23/36!”
· The push above the lower level has signalled a more constructive tone to the range theme with risk through midweek for a challenge to barriers clustered at 102.22/28/36.
· Only above the higher level would signal a more bullish shift and we see a likely stall here on a first test.
· Only back below 101.70/65 set a more defensive range theme.
WHAT CHANGES THIS?
· Upside: Above 102.36 signals a bull tone for 102.65 and 102.80 targets.
· Downside: Below 101.06 signals a bear tone for 100.75 and 100.00 targets.
Please see full report with levels and latest screencast here: http://members.marketchartist.com/Daily/USDJPY.pdf
4 Hour USDJPY Chart