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23 Jan 2015
USD/JPY could yet head higher - FXCharts
FXStreet (Bali) - According to Jim Langlands, Founder at FXCharts, while USD/JPY price action remains rather erratic, since we are currently sitting near the top end of its range, the rate could yet head higher in the sessions to come.
Key Quotes
"US$/Jpy has been choppy, in trading a 118.34/117.24 range, although we are currently sitting near the top end and looking as though we could yet head higher. There is some decent resistance immediately ahead, with the minor descending trend resistance sitting at 118.50 and then the daily cloud top at 118.70, which has pretty much capped the last two days, although the dollar did reach a high of 118.86."
"On the downside, 118.00 will again be the immediate short term support, below which would see bids at the 100/200 HMA’s at 117.85/117.63 ahead of the session low at 117.25. A break of that, which I doubt we will see today, would take the dollar down to the previous session low at 117.17 low and then to 117.00. Below there would suggest a run towards the rising trend support at around 116.50 and then to 116.00 and possibly to the Fibo support at 115.50 (38.2% of 105.18/121.84)."
Key Quotes
"US$/Jpy has been choppy, in trading a 118.34/117.24 range, although we are currently sitting near the top end and looking as though we could yet head higher. There is some decent resistance immediately ahead, with the minor descending trend resistance sitting at 118.50 and then the daily cloud top at 118.70, which has pretty much capped the last two days, although the dollar did reach a high of 118.86."
"On the downside, 118.00 will again be the immediate short term support, below which would see bids at the 100/200 HMA’s at 117.85/117.63 ahead of the session low at 117.25. A break of that, which I doubt we will see today, would take the dollar down to the previous session low at 117.17 low and then to 117.00. Below there would suggest a run towards the rising trend support at around 116.50 and then to 116.00 and possibly to the Fibo support at 115.50 (38.2% of 105.18/121.84)."