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USD/JPY:The market has finally started to roll back over after daily studies were showing well overbought and begging for some form of a corrective pullback. At this point, setbacks have stalled by the 20-Day SMA and a double top objective in the 82.00 area and the market could be looking to carve a fresh higher low somewhere ahead of the next upside extension beyond 84.20 and towards the 85.00-87.00 area further up. However, we would still not rule out the possibility for a deeper setback to 80.00 before the newly formed bullish structure resumes. As such, we are sidelined for now and will look to buy into dips.
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--- Written by Joel Kruger, Technical Currency Strategist
To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger
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