USDJPY – Near term uptrend could extend if 83.30/82.85 support holds
USDJPY had been in a corrective wave [4] from its Nov’11 low at 75.55. The key resistance for the uptrend is at 85.50/85.75
(wave equality target) followed by 87.15. A break above 94.80 would invalidate the corrective wave scenario. A reversal below 80.65/79.05 is needed to renew bears for retest of the strong 777.10/75.55 support.
The pair has been pulling back from 84.60. Immediate term weakness looks to hold above the 83.30/82.85 support (watch the internal trend line support). A move above 84.60 targets the tough 85.00/85.50 resistance where bulls are likely to struggle. A
reversal below 82.85 could retest the reaction low at 81.70 before attempting to renew.
