Guest Commentary: Hourly USDJPY - Sellers of JPY will be right…One day!
While we cannot rule out a final minor recovery to attempt a fourth wave pullback to the recent 78.35 to 78.40 swing target, any reaction is likely to fail 79.00 or 38.2 percent of the third wave decline from the 79.95 high.
Thus stay short or continue to sell short term upside reactions against the base of wave 1 in this downtrend sequence from the 80.10 consolidation high.
This key 79.15 pivot point has offered major support and key resistance on several occasions and is likely to reject any short term strength for a fatal attraction with the 77.65 medium term pivot point.
We can only renew a bullish stance on a test of this low that holds firm or an immediate upside break of the 79.15 pivot point for more range trade back to 80.10 and possibly even 80.60 again.
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