Back
11 May 2015
USD/JPY: consolidation with upside bias – AceTrader
FXStreet (Barcelona) - The AceTrader Team, expects USD/JPY to consolidate in its broad 118.33-122.03 range with a mild upside bias.
Key Quotes
“Despite dollar's retreat from 120.24 to 119.59 in New York session on Friday, as early rally from 119.06 (Thursday) signals further choppy trading inside the 8-week long broad range of 122.03-118.33 would continue and with mild upside bias, re-test of last week's peak at 120.51 is envisaged but break needed to extend up move from April's low at 118.50 towards 120.84.”
“On the downside, only below 119.06 would yield weakness towards 118.70/80 but support at 118.50 should remain intact.”
Key Quotes
“Despite dollar's retreat from 120.24 to 119.59 in New York session on Friday, as early rally from 119.06 (Thursday) signals further choppy trading inside the 8-week long broad range of 122.03-118.33 would continue and with mild upside bias, re-test of last week's peak at 120.51 is envisaged but break needed to extend up move from April's low at 118.50 towards 120.84.”
“On the downside, only below 119.06 would yield weakness towards 118.70/80 but support at 118.50 should remain intact.”