26/06 – USDJPY outlook eyes on 122.60


26 June, AtoZForex.com, Milano — Technically daily USDJPY outlook eyes are on the 122.60 level. (6:08GMT)

NEWS THAT CAN HAVE AN IMPACT:

  • U.S. MICHIGAN CONSUMER EXPECTATIONS (15:00 GMT)

As clear from the yesterday’s outlook, 123.25 is a good support and it has been tested on yesterday’s sessions during the bearish correction that I was expecting.

Chart 1: Daily USDJPY, USDJPY outlook Chart 1: Daily USDJPY eyes on 122.60 (Click on the image to enlarge)

The bearish correction is likely to continue.

My S/R setup is still the following:

First support: 123.25

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Chart 2: H4 USDJPY, USDJPY outlook Chart 2: H4 USDJPY (Click on the image to enlarge)

if First support’s breakout then ->
-> Second support: 122.60

if breakout then ->
-> Third support: 121.95

if breakout then ->
-> Fourth support: 121.50 (converging weekly trendlines)

First Resistance: 124.95 (daily trendlines)

if First resistance’s breakout then ->
-> Second resistance: 125.80 (double top, monthly trendlines, H4 fibo expansion)

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