Here is an update on the Dow Jones since I adjusted some points on the support and resistance lines. If you want to check out my previous blog, kindly click here. Overall, the DJI still appears to be heading upwards despite its 122-point decline during the last trading session as it just bounced off from the support line a few days back. If this pace continues, the index could head up and reach its 11,309 resistance. A break above this could lead the Dow to the 12,000 area. If it tries to but fails, the unfavorable could happen as the right shoulder of a potential head and shoulders formation could be drawn. Upon breaking below the neckline of the possible head and shoulders, the price could land on the next significant support which is at 9,000-9,200. Looking at the brighter perspective, the ascending channel (blue parallel lines) seems to be still intact and as long as it is, the index could just move along with it.
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Here’s an update of the USDJPY pair or the gopher from my previous post. Notice that it has corrected after hitting a low just below 88.00 during the first week of May. With the stochastics almost in the overbought territory, will the pair turn around and move lower again? There is a significant resistance at the psychological 92.00 marker and at the 61.8% Fibonacci retracement level that I labeled in the canvas. Why? Well, 92.00 happened to be a neckline of a double top formation. Anyway, if it is able to move past and clear these resistances, then reaching its 2010 high just below 95.00 would not be too farfetched. On the other hand, it could decline to its next support levels at 90.00, 89.00, and 88.00 if selling carries on.
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