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7 Jan 2015
USD/JPY downside bias remains intact – AceTrader
FXStreet (Barcelona) - The AceTrader Team shares that the downside bias for the USD/JPY pair remains intact and suggest selling the greenback on any recovery, further anticipating the pair to weaken to 117.58 levels if it falls below 118.04.
Key Quotes
“Looking at bigger picture, as mentioned previously, although dlr's early strg rise fm 115.57 to 120.83 signals correction fm Dec's 7-1/2 year peak at 121.85 has ended, y'day's selloff below last Tue's low at 118.87 to a fresh 3-week trough at 118.04 has retained our early view that price is not ready to resume LT uptrend fm 2011 record low at 75.32 n further 'choppy' trading below 121.85 wud continue.”
“Below 118.04 anytime wud extend weakness to 117.58, this is the 'dynamic' 61.8% r of 115.57-120.83, however, as hourly oscillators wud be in o/sold territory on such a move, reckon sup at 117.05 wud hold n yield rebound.”
“Today, as price is currently trading below both 21-hr n 55-hr emas, suggesting consolidation with downside bias remains n selling the greenback on intra-day recovery is recommended. On the upside, only a daily close abv 119.39 wud indicate a low has been made n yield gain to 119.79/82 n then 120.30/40.”
Key Quotes
“Looking at bigger picture, as mentioned previously, although dlr's early strg rise fm 115.57 to 120.83 signals correction fm Dec's 7-1/2 year peak at 121.85 has ended, y'day's selloff below last Tue's low at 118.87 to a fresh 3-week trough at 118.04 has retained our early view that price is not ready to resume LT uptrend fm 2011 record low at 75.32 n further 'choppy' trading below 121.85 wud continue.”
“Below 118.04 anytime wud extend weakness to 117.58, this is the 'dynamic' 61.8% r of 115.57-120.83, however, as hourly oscillators wud be in o/sold territory on such a move, reckon sup at 117.05 wud hold n yield rebound.”
“Today, as price is currently trading below both 21-hr n 55-hr emas, suggesting consolidation with downside bias remains n selling the greenback on intra-day recovery is recommended. On the upside, only a daily close abv 119.39 wud indicate a low has been made n yield gain to 119.79/82 n then 120.30/40.”