USD/JPY
For the USD/JPY it has been a rollercoaster of a week as it surged toward range resistance at 78.25 only to fail and fall back sharply now back to range support near 76.55. The daily chart shows the strength of price action to the downside. To start next week, if we don’t slow down and decline in volatility, the USD/JPY has further downside risk toward 76.00, and maybe even lower toward the record low of 75.55.
So, first we can look for support at 76.55 to give a rally at least toward 77.32 central pivot. Otherwise, we should look forsupport from 76.00 down to 75.55. For a bounce from 76.55, we should look for a bullish divergence in the 4H chart as the RSI dips below 30. Otherwise, the bearish price action is too sharp to consider countering just because the market is atrange support.
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