Weekly Technical Commentary


USD/JPY Chart Levels: Support 77.40…77.00…76.57…76.10 . Resistance 77.90…78.45…79.00…79.55. An extraordinarily thin and no longer descending daily Ichimoku ‘cloud’ has allowed dollar/yen to bounce from 61% Fibonacci retracement and the bottom of the ‘cloud, breaking above its thinnest bit though moving averages have yet to turn to a buy. This adds weight to our view that one must prepare for a long bout of messy correction and consolidation around 77.00, where it has traded for much

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