Initial USD/JPY Bounce Resisted by 38.2%
10 November 2011
WEEKLY CHART:
The 2011 downmove has so far held above bear channel base support, but there is so far little in the longer term chart that implies bear fatigue creeping in.
DAILY CHART:
See how the market has failed to break and hold below the prior Mar spike low.
After a sluggish few months there's been an initial brief surge that has found resistance from a 38.2% bounce level.
An initial positive sign was given when the bear channel top projection was violated, but a better bull sign would come from a push through this 38.2% level.
Meanwhile we must wait & see if s/term dips prove corrective only. Note support could come from the old channel top at 76.70 currently.
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