\u00A5130.50 looks likely to be today\u2019s pivotal point.
It has risen for each of the past 7 weeks and has appreciated in value by well over 10% during this period, which is a large move in the Forex market.¥131.24, and after making a deep bearish retracement on Friday, it is now rising again.
There is clearly residual bullish momentum and a strong long-term bullish trend, which would be foolish to ignore. The best opportunities are highly likely to be on the long side until we see some more bearish price action, and we have not really seen that yet. The price has been rising since about halfway through Friday’s New York session, continuing to advance during Monday’s Asian session. The price action seems to have printed new higher support at ¥129.87 although the exact level of that support does look uncertain.¥130.50. I think that this will be today’s pivotal point
– if the price can get established above ¥130.50 then we are likely to see a test of the 20-year high at ¥131.24. If the price instead turns bearish at ¥130.50 then we are going to see a move down to about ¥129.11 at least.¥129.87 or from a retest ofConcerning the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time. There is nothing of high importance scheduled today concerning the JPY – it is a public holiday in Japan.
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