Dollar/Yen made a stronger than expected rise to 116.90 yesterday, but the rise was not a decisive move.The current rise is at or near an end and should not exceed 117.10 today.Dollar/Yen should then resume its decline, test the 115.80 low and extend towards 114.90 and perhaps the 113.30/114.30 range.If 115.80 provides good support over the next day or two then the drop will be delayed as Dollar/Yen returns to 117.00.Yesterday’s stronger rise after only a 3-wave drop from 117.90 is an early indication that the current decline is just a corrective swing and that eventually Dollar/Yen will rally 117.90.A rise through 117.20 today will be a warning of the recent rally extending towards major resistances between 118.20/90.
Euro/Yen was kept to a 147.20/70 range yesterday and should resume its rally today.Once 148.00 gives way, Euro/Yen should test 149.00.I Euro/Yen drops through 146.80 then the rally will be delayed as 146.20 is tested, and only a break of 146.20 will confirm that a new decline to retest key support around 144.95 will be seen.
Aussie/Yen resisted further downward attempts and pushed to a new high at 88.18.But the rise does not appear decisive and is at risk of a reversal.If 87.70 contains the drop today then Aussie/Yen have the opportunity of pushing the rally towards 89.10.Otherwise, look for a drop back to 87.10 and 86.65.
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