USD/JPY aims lower for 96.55 and 95.80 through month-end
- A Monday bull gap higher, but subsequently closed, to maintain negative pressures from notable probe below the 200-day MA last week, although again avoiding a closing violation.
- This has reinforced bigger picture negative pressures from the early Oct reversal of the trend line from June and bearish outside pattern back from 99.10.
- We see a still bearish theme through month-end to aim through the Oct low at 96.55 and target the 95.80 August low into Nov, which should provide solid support.
WHAT CHANGES THIS?
- Only above 98.50 eases bear risks; 99.10 signals a neutral tone; through 99.65 needed for bull pressures.
Please see latest audio-visual analysis here:
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