Friday, August 12, 2016

Safe haven currency pairs USD/JPY focus remains unchanged, trying to reach 102.08

Safe haven currency pairs USD/JPY focus remains unchanged, “expect to see some consolidation but broadly looking for a break of the monthly opening-range, which as of now consists of the 8/2 daily candle (100.68 – 102.83/94). as reported from DailyFX ”Initial resistance is eyed at the monthly open 102.28 with a breach above median-line resistance around ~103.55 needed to validate a more significant reversal in the pair. Subsequent resistance objectives eyed at 104.09/17 & 104.89.
  
by technical views, Key support & bullish invalidation stands with the July low-day close at 100.57 with a break below this level risking a decline towards support targets at the July low at 99.99 & the Brexit lows at 98.79. From a trading standpoint, heading into the release I would be looking to fade weakness while within this near-term formation

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