Dollar/Yen was stronger than expected and should hold to an upward course for a couple more days.But most of the rally has been achieved so further rises are limited to 116.00.Today, expect a drop back to 114.80/115.00 before the rise continues.Only a drop through 114.40 will signal that the rally is complete.Dollar/Yen should then drop back to 113.00/50 and later to 111.30.
A relatively aggressive rise yesterday follows the previous day’s respect of the Bollinger average support, giving Euro/Yen another chance to continue with the main rally.At least Euro/Yen will hold to an upward path for a few more days.But today, Euro/Yen is likely to drop back to 144.20 after respecting the 145.00 resistance yesterday.A rise to 145.20 should follow and further rises through 145.20 will then swing the odds in favour of a break of 145.70 and a rise to 147.00.A failure to hold at 144.20 however, will signal that the next step in a new decline is ready to unfold and on a break of 143.65 clear the way for 142.00/75.
Aussie/Yen made a mixed day yesterday, falling away from the downward trending mvg avg but making a deep upward reaction later in the day.On balance, expect the drop to resume today.A break of 84.40 will confirm it and Aussie/Yen should drop back to 83.45 and then 82.65.
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