USDJPY bull trend extension bias into October
· Another nudge to a new recovery high to eye key targets into early October, already a nudge this morning above a key upside targets at the psychological/ option resistance at 110.00.
· Consolidation activity this week has formed new supports at 109.13/07, above 108.50/47, ahead of better support at 108.25, to leave upside risks intact this week.
· This leaves risk now to the key high from 2008, 110.57, with risk for an early October test.
· Above here sees overshoot risk to further targets at 111.35 and 111.95.
WHAT CHANGES THIS?
· Below 108.47 eases bull risks; through 108.25 signals a neutral tone, only shifting negative below 106.81.
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4 Hour USDJPY Chart
Monthly USDJPY Chart