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5 May 2015
USD/JPY upside risks towards 120.84 – AceTrader
FXStreet (Barcelona) - The AceTrader Team sees consolidation with upside bias ahead for USD/JPY, targeting 120.84 levels.
Key Quotes
“On the daily chart, although price looks set to gyrate inside recent broad range of 122.03-118.33. Having said that, as 118.50 low was accompanied by 'bullish convergences' on the hourly indicators, consolidation with upside bias is envisaged for gain twd 120.84 (Apr's high). A daily close abv this res would be the 1st signal an upside break of the 7-week long sideways trading has taken place n yield gain to 121.20, abv there would yield re-test of Mar's near 8-year peak at 122.03.”
“Looking ahead, abv said key res would turn bullish for gain to 123.89 n then 125.86, being 50% & 61.8% projections respectively of MT intermediate rise fm 105.20-121.85 measured fm 115.57.”
“Only below 118.33 aborts abv bullish scenario on dlr n risks stronger correction twd 116.66 (Feb's low).”
“Today, we're holding a long position in anticipation of subsequent headway twd 120.84 res n only below 119.89 risks stronger retracement twd 119.26/36.”
Key Quotes
“On the daily chart, although price looks set to gyrate inside recent broad range of 122.03-118.33. Having said that, as 118.50 low was accompanied by 'bullish convergences' on the hourly indicators, consolidation with upside bias is envisaged for gain twd 120.84 (Apr's high). A daily close abv this res would be the 1st signal an upside break of the 7-week long sideways trading has taken place n yield gain to 121.20, abv there would yield re-test of Mar's near 8-year peak at 122.03.”
“Looking ahead, abv said key res would turn bullish for gain to 123.89 n then 125.86, being 50% & 61.8% projections respectively of MT intermediate rise fm 105.20-121.85 measured fm 115.57.”
“Only below 118.33 aborts abv bullish scenario on dlr n risks stronger correction twd 116.66 (Feb's low).”
“Today, we're holding a long position in anticipation of subsequent headway twd 120.84 res n only below 119.89 risks stronger retracement twd 119.26/36.”