USD/JPY's bearish pullback is capped beneath previous resistance/old support at 82.00. The move was originally triggered by a DeMark™ exhaustion signal that was activated in late February.

This has been followed by signs of strong psychological support near 80.00-80.12 (38.2% Fib retrace/Jan advance), 79.16 (61.8% Fib).

This may 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.

Daily Technical Report