USDJPY reversed lower off the 119.23/119.27 minor double top (May 8/ 12, 2015 highs, near 7-week triangle resistance) to threaten the 119.05 low (May 7, 2015). Intraday indicators turned negative, suggesting there is scope for further upside near term towards 118.48, near 7-week triangle support (as shown on the 240 minute chart). 119.81 would cap bounces. A break back above 119.81 is needed to defer the downside and re-focus the 119.23/119.27 zone.
Outlook:
Short term: bearish
Long term: neutral
Outlook:
Short term: bearish
Long term: neutral
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.