USD/JPY: Whilst last time I was right to see a move lower, I was incorrect in looking towards a move to the 109.75 area. Additionally the move lower actually only lasted a few days after my last review though it was revisited later in the month as it became obvious prices were uncomfortable in heading higher as well - note the failure in attaining even a try over the very recent 50% Fib resistance at 115.11.
The two part move later in Feb actually caused a possible Double Bottom. Ironic as we had previously in Dec 2016 and Jan 2017 come down from a Double Top. So though we didn't go back over the 115.11 level, we also did not go below the 38.2% Fib at 111.96 of the Nov 2016 -Dec 2016/Jan 2016 move. So we've ultimately gone sideways, which was borne out by the Monthly Chart with an Indecisive Doji Cross whilst there is some discrepancy on the Weekly Chart as we seem last week to have a Key Reversal Up.
However, as I have mentioned many times on USD/JPY - KRs are untrustworthy on JPY pairs and need to be taken with a 'pinch of salt'. So we're left with a third way market of going sideways, so far at least. Support is at 113.77, 112.58, 112.28(dynamic), 111.96, 111.17 and key at 109.89 and 108.86. The combination of the Medium MA(currently 112.28) and the 38.2% Fib at 111.96 may seem individually not that strong yet they nevertheless were good enough to form the KR Up. As resistance, well that is currently at 114.27, key recent 50% Fib at 115.11, then 115.37, 115.61, 115.95, 116.85, 117.52 and 118.35 - 118.84. With all these factors, I've decided to move the bullet point into neutral for the moment.
Disclaimer: ADM Investor Services International Limited is authorised and regulated by The Financial Conduct Authority. Member of The London Stock Exchange. Registered office: 4th Floor Millennium Bridge House, 2 Lambeth Hill, London EC4V 3TT. Registered in England No. 2547805 a subsidiary of Archer Daniels Midland Company. Risk Warning: Investments in Equities, CFDs, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value, investors should therefore be aware that they may not realise the initial amount invested, and indeed may incur additional liabilities.
These Investments may entail above average financial risk of loss, and investors should therefore carefully consider whether their financial circumstances and investment experience permit them to invest and, if necessary, seek the advice of an independent Financial Advisor. Some services described are not available to certain customers due to regulatory constraints either in the United Kingdom or elsewhere. © 2014 ADM Investor Services International Limited 2014.