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22 May 2015
USD/JPY: 120.27 would hold and bring another upside move – AceTrader
FXStreet (Barcelona) - The AceTrader Team expect USD/JPY to see some choppy consolidation in its broad range and expected the support at 120.27 to hold and bring another up move.
Key Quotes
“Although dollar's rally above daily resistance at 120.84 to 121.49 Wednesday signals an 'upside break' of early 10-week long broad range of 122.03-118.33 has taken place, subsequent retreat to as low as 120.64 today suggests choppy consolidation would be seen.”
“However, reckon 120.27 (previous resistance, now sup) would hold and bring another up move later.”
“Above 121.49 would extend gain to 121.67 and then towards 2015 peak at 122.03 (March).”
“Only a failure to penetrate 122.03 and a daily close below 120.27 would indicate price would remain confined inside aforesaid broad range and yield weakness towards 119.83/93 and then 119.40/50.”
Key Quotes
“Although dollar's rally above daily resistance at 120.84 to 121.49 Wednesday signals an 'upside break' of early 10-week long broad range of 122.03-118.33 has taken place, subsequent retreat to as low as 120.64 today suggests choppy consolidation would be seen.”
“However, reckon 120.27 (previous resistance, now sup) would hold and bring another up move later.”
“Above 121.49 would extend gain to 121.67 and then towards 2015 peak at 122.03 (March).”
“Only a failure to penetrate 122.03 and a daily close below 120.27 would indicate price would remain confined inside aforesaid broad range and yield weakness towards 119.83/93 and then 119.40/50.”