USD/JPY (a daily chart of which is shown) consolidated under strong resistance in the 99.55-99.75 price region for the entire past week. The fact that price reached for and was rejected at this price zone on several different occasions in the past week attests to its strength as an effective resistance barrier.
For the upcoming week of May 11-15, the key support/resistance levels remain constant from the prior week, although the directional bias this time is leaning decidedly towards the downside. The major support target to watch for continues to be the 96.00 region, which has served so effectively in the past as a key pivotal level.
Strong upside resistance continues to reside slightly below 100.00, with further upside resistance in the 101.43 region, the level of the last major swing high. If price indeed succeeds in making a bonafide turn down from below 100.00 during the upcoming week, and actually succeeds in re-testing 96.00, USD/JPY may potentially be in the process of forming a rough, intermediate head-and-shoulders top.
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