JPY Trading Outlook (06-08-2015)

USDJPY

Pivot: 124.45

Likely scenario: Long positions above 124.45 with targets @ 125 & 125.25 in extension.

Alternative scenario: Below 124.45 look for further downside with 124.3 & 124.1 as targets.

Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

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