I personally would have thought we might have see a bigger break through 94.00 after the G20 was out of the way. We certainly got the retractment we were after down to the low 92.30’s. It wasn’t as great as I was looking for. A decent clear out to 92 or even 91.50 would have been very healthy for the next run up. The fact that we can’t gain a foothold above 94 is also starting to be a concern short term.
We breached a big fib level at 94.11(38.2% from Jun 2007-Oct2012) a week or so ago we find ourselves struggling to break it again. It’s proving to be a very strong level as above here we have virtually open sky.
The next big event is the head of the BOJ decision and that should be the next catalyst for a move.
95.00 possible options
94.45/55 previous high and ahead of options at 94.50 and res at 94.53
94.11 38.2 fib level
93.00/05 sup and big figure
92.28 sup (and last low)
92.00/10 sup and poss options