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USDJPY negative bias in 118.82 to 121.00 range

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USDJPY negative bias in 118.82 to 121.00 range

A dip lower Monday through minor range support at 119.70/65 lends a negative bias to the broader range environment.

A range theme has been evident since the mid-December reversal of trend line support saw a  more bearish shift, but then the latter December rebound through resistance negated the negative theme.

Range Parameters: We see the range defined by 121.00 and 118.86/82.

Range Breakout Challenge

  • Upside: Above 121.00 aims higher for 121.86 and a key long term target at 122.45.
  • Downside: Below 118.82 sees risk lower for 118.25 and 117.06/116.82, maybe back to 115.56.

For Today:

  • We see a downside bias for 119.23; break here aims towards 118.86/82, which we would look to try to hold.
  • But above 119.98/120.00 opens risk up to 120.52, maybe 120.75/83, which we would look to try to cap.



 4 Hour USDJPY



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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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