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16 Aug 2013
USD/JPY at the beginning of C wave higher. Target 99.87?
FXstreet.com (Barcelona) - The USD/JPY has rebounded off the session lows nicely even breaking above correction resistance at 97.54 on the 10-minute chart. This could be the start of the “c” wave of an “abc” upside correction.
USD/JPY being pushed around by technical short-term
After completing a sharp corrective move lower Thursday, the USD/JPY looks like it may be in the early stages of the “c” wave of an “abc” corrective move higher with an upside target of 99.87.
This appears to be have started as some technical buying off of support but may be morphing into a minor short-term short-squeeze.
Technical outlook for USD/JPY
Short-term for USD/JPY resistance comes in at 98.64 (Thursday’s high) and is followed by the 8/1 close at 99.54 and the key “correction resistance” at 99.87. Short-term support comes in at 97.06 and is followed up by 96.00 - both of which are horizontal lines of support.
USD/JPY being pushed around by technical short-term
After completing a sharp corrective move lower Thursday, the USD/JPY looks like it may be in the early stages of the “c” wave of an “abc” corrective move higher with an upside target of 99.87.
This appears to be have started as some technical buying off of support but may be morphing into a minor short-term short-squeeze.
Technical outlook for USD/JPY
Short-term for USD/JPY resistance comes in at 98.64 (Thursday’s high) and is followed by the 8/1 close at 99.54 and the key “correction resistance” at 99.87. Short-term support comes in at 97.06 and is followed up by 96.00 - both of which are horizontal lines of support.