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15 Apr 2015
USD/JPY correction towards 114.00-112.00 ahead? – MPTrader
FXStreet (Barcelona) - Mike Paulenoff of MPTrader, gives the technical outlook for USD/JPY, noting that Yen might have reached downside exhaustion vs the dollar.
Key Quotes
“Both my daily and weekly chart work are warning me that the massive advance in USD/JPY is peaking, and in fact, is nearing a rollover into a significant correction-- in to the 114.00-112.00 initial/optimal target zone.”
“It is with the foregoing in mind that I enter a four week long Call Option position (FXY) in the YEN.”
Key Quotes
“Both my daily and weekly chart work are warning me that the massive advance in USD/JPY is peaking, and in fact, is nearing a rollover into a significant correction-- in to the 114.00-112.00 initial/optimal target zone.”
“It is with the foregoing in mind that I enter a four week long Call Option position (FXY) in the YEN.”