USD/JPY Classical Technical Report 08.19
USD/JPY:Setbacks have stalled out just ahead of the 76.25 record lows from March, with the market dropping to 76.30 ahead of the latest consolidation. Given that we are seeing the rate by record lows, we would not at all be surprised to soon see the formation of a material base in favor of significant upside back above 80.00. However, the overall structure remains bearish and the risks are still tilted to the downside favoring a dip to fresh record lows into the 75.00’s before considering a fresh base. Back above 77.30 required at a minimum to relieve immediate downside pressures.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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