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USDJPY Upside Threat through 103.05/10 for a More Bullish Shift

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USDJPY Upside Threat through 103.05/10 for a More Bullish Shift

$USDJPY eyes 103.05/10; above aims for 104.15

  • As expected, a still better bounce effort for early June to push through both our 102.10/15 previously defended barriers and the mid-May peak 102.37.

  • This dismisses the downside risk of a more bearish theme into this week and sees a switch to a range theme, between 101.42 and 103.05/10, but with a constructive tone.

  • We see risk higher, through 102.75 to target a challenge to 103.05/10.


  • Upside: Above 103.10 sees a bullish shift to aim for the 104.15 spike high (and maybe above into June).

  • Downside: Only back below 101.42 sets a more bearish theme again to aim for 100.80 (May) and 100.75 (2014) lows.



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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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