DAILY FORECAST FOR USDJPY

BIAS: While 92.40-50 supports we should see further progress to 92.96-12 initially and later 93.37



Resistance:... 92.84........ 92.96-12.... 93.37... 93.53-66

Support:........ 92.45-49.... 92.20........ 92.00... 91.79



MAIN ANALYSIS: Price rallied though just a little above expectations and was followed by a correction. It looks as if it is complete but allow for 92.40-50. From here we should now see upward progress to 92.96-12 - I suspect the higher projection for a correction of around 35 points (maybe bouncing from the 92.76-80 area) and then rally back to 93.12 and later to 93.37. From this high a correction of around 20-25 points is then required before heading higher to the 94.10-40 area. A deeper correction should then develop.



COUNTER ANALYSIS: Only a break below 92.35-40 would see this move back through 92.20 to the 92.00 corrective low at least - potentially 91.79 in a recycling. Also note the 91.55-60 area…



For more information regarding the support & resistance and medium term outlook please see the attached PDF file.



Good trading

Ian Copsey



HARMONIC ELLIOTT WAVE BLOG

Attached Files

View the original article: http://forexforums.dailyfx.com/blogs/fx-forecaster-com/16335-daily-forecast-usdjpy.html



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