USD/JPY - 113.95... The greenback traded narrowly in y'day's European
session after intra-day fall to 115.33 in Asia as traders awaited the release of FOMC meeting minutes, price met renewed selling at 115.73 n fell in afternoon New York trade on yen's broad-based rally n dlr tumbled to 113.86 this morning.
This sharp fall indicates early rise fm 111.60 low has indeed ended at
117.15 last week n consolidation with downside bias is seen for further weak-
ness to 113.72 (61.8% r of 111.60-117.15), then 113.52 (2 times ext. of 117.15-115.53 measured fm 116.76), however, low readings on hourly oscillators (13-hr rsi at 15) shud prevent steep decline below 113.00 today n reckon 112.52 (2.618 ext.) wud remain intact n yield rebound later this week.
Therefore, selling on recovery is favoured as renewed selling is likely
to emerge below fast ema (currently at 114.78). Only abv res at 115.33 (previous sup) wud dampen present bearish scenario n indicate a low has been formed, then risk of stronger gain twd 115.73/77 wud follow, however, res at 116.26/33 shud cap upside n yield choppy broad sideways trading...
http://www.acetraderfx.com
.jpg)