Penetrating formidable support | 23 October 2013
23 October 2013, USD/JPY
The strong move down continued and solidified the short-term down-side bias. It has now reached formidable support, with more even support further down at the 96.95 level too. There are various counts to the down-side, but the master count from the highs is to 95.65, and it now looks possible we could reach there since price has just given another signal, however, current support is multiple and strong and there remains a risk of a recovery bounce.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
