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USDJPY Top Aims for 106.81; Maybe 106.05/ 105.80 through Mid-Month

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USDJPY Top Aims for 106.81; Maybe 106.05/ 105.80 through Mid-Month

USDJPY top and bear bias intact

·         A low level digestion to end the week after the continued correction lower from the new secular high set in early October (at 110.09), to maintain  negative pressures from the violation of the trend line from August and the 108.01 swing low that signalled a Double Top.

·         This favours a still more bearish for further downside correction into mid-October.

·         We still see risk lower into this week to chart/ retrace targets at 106.81 and maybe 106.05/ 105.80 through mid-month.

WHAT CHANGES THIS?

·         Above 108.75 eases bear risks; through 109.23 signals a neutral tone, only shifting positive above 110.09 to aim higher for 110.57.

Download our full report with latest screencast & levels here: http://members.marketchartist.com/Daily/USDJPY.pdf

4 hour USDJPY Chart

b2ap3_thumbnail_USDJPY1_20141013-060114_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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