Dollar/Yen has ranged since its 114.72 high on Thursday and is likely to stay in the range for another day.After a brief rise to 114.45 early today Dollar/Yen should drop back to Friday’s low of 113.55.But then Dollar/Yen should resume its rally and test the mvg avg resistance at 115.00.This rise will be an opportunity to complete the corrective rally from 108.95, but it will need a break of first support at 112.90 to confirm it.While that level holds, Dollar/Yen may continue with its upside testing.However, the mvg avg resistance should continue to offer good resistance.A break of 112.90 will open the way for tests of 111.30 and 110.00.
Attempts to extend the decline over the past couple of trading days have pushed Euro/Yen to only 143.65.Expect a sharp rise back to the 144.50/145.00 range over the next day or two.But then the decline should resume and challenge the 142.00/75 region.A break of 142.00 is needed to confirm that a new decline is underway; the objective will then be the 139.00/65 region.However, while Euro/Yen holds above 142.00 it will maintain the chance of extending the broader rally.
Aussie/Yen managed to rise again on Friday and Monday, but the rises have not been confident moves.There is scope for the rise to extend to the recent high at 85.75 before giving way to a new decline that will eventually test 82.65.
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