USD/JPY’s bearish pullback has extended lower beneath previous support at 82.00. The move was originally triggered by a DeMark™ exhaustion signal that was activated in late February.
Key intraday support is now being tested at 81.08/10 (38.2% Fib retrace/Feb 07th uptrend). A break here would offer further health setbacks into 80.00-10 (50% Fib/psychological level) and 79.16/20 (61.8% Fib).
These levels are expected to hold and offer renewed buying opportunities in our model portfolio for USD/JPY’s major long-term 40-year cycle upside reversal.
Only a decisive confirmation above 83.40 and 84.18 will extend the bullish recovery which had already risen almost 10% in only 7 weeks!
The key medium-term upside trigger level can be found at 85.50.