Of all the major currencies today the dollar-yen, USDJPY was the only pair trading above the pivot level. As of this moment, not anymore – the pivot has just been broken at 91.73.
The past few sessions have the seen the dollar appreciated again the yen. Overnight trades reached a new height not seen since first week of the year. Those gains have now evaporated. Current price is still above support, S1 - an indication that it could still trade itself back to resistance, R1 – 92.05. If this fails today we could expect 91.39.
Today’s Pivot
R3 – 92.71
R2 – 92.39
R1 – 92.05
Pivot – 91.73
S1 – 91.39
S2 – 91.07
S3 – 90.73
However, the mid-term outlook still poses a bullish tone. The candlesticks pattern Three Outside Up which flagged on the weekly price chart four bars ago is still in place. We see the 93.12 as a line of strength and momentum for the 95.53 level. If this fails we should brace ourselves for an avalanche of selling. For now we play the wait and see on this pair.
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