USD/JPY - 84.18.. Although the greenback was under pressure following the
selloff fm 85.23 to 84.23 in Friday's NY session n weakened briefly to 84.05 in
early trading in NZ morning on Monday b4 staging a brief rebound to 84.50, intra-
day renewed cross-buying of yen slowly pressured price to 84.04.
Today, the pair is expected to move inside recent familiar range of 83.66
-85.23 as focus is on other dlr majors, however, intra-day firmness in yen sug-
gests choppy consolidation with downside bias remains but only breach of last
week's low at 83.66 wud confirm recent downtrend has once again resumed n bring
re-test of Aug's 15-year low of 83.58, then later twd 83.10, being 61.8% proj.
of the MT intermediate fall fm 88.12-83.58 measured fm 85.91.
In view of abv analysis, selling dlr on intra-day recovery is still recom
mended as only abv 84.70/80 wud risk stronger gain twd 85.23 but as mentioned
earlier, the choppy price action fm 83.58 is possibly unfolding into a triangle
(a-leg top at 85.91, b-leg trough at 83.66 n Fri's 85.23 high was the c-leg top)
, only abv 85.23 wud abort this view n risk possible re-test of 85.91.
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