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27 Mar 2015
USD/JPY remains a buy on dips – AceTrader
FXStreet (Barcelona) - The AceTrader Team views that USD/JPY dips should be bought in anticipation of a further climb, but 120.17/18 might cap the upside for the pair.
Key Quotes
“Looking at the daily chart, despite dlr's early brief breach of 2014 peak at 121.85 (Dec) to a near 8-year high of 122.03, lack of follow-through buying n subsequent brief but sharp fall to 119.29, then to a 5-week low of 118.33 y'day confirms a top is in place.”
“Although dlr's strg rebound fm 118.33 suggests a temporary low has been made there n 2-3 days of choppy consolidation is in store, reckon 120.18 (50% r of 122.03-118.33) shud cap upside n yield another leg of decline later next week.”
“Below 118.33 wud yield weakness twd 117.80 n then twd next chart obj. at 116.66 next month.”
“Today, buying dlr on dips in anticipation of further rise is favoured, however, 120.17/18 wud cap upside.”
“On the downside, only below 118.33 risks one more fall to 118.00/04 b4 prospect of a correction.”
Key Quotes
“Looking at the daily chart, despite dlr's early brief breach of 2014 peak at 121.85 (Dec) to a near 8-year high of 122.03, lack of follow-through buying n subsequent brief but sharp fall to 119.29, then to a 5-week low of 118.33 y'day confirms a top is in place.”
“Although dlr's strg rebound fm 118.33 suggests a temporary low has been made there n 2-3 days of choppy consolidation is in store, reckon 120.18 (50% r of 122.03-118.33) shud cap upside n yield another leg of decline later next week.”
“Below 118.33 wud yield weakness twd 117.80 n then twd next chart obj. at 116.66 next month.”
“Today, buying dlr on dips in anticipation of further rise is favoured, however, 120.17/18 wud cap upside.”
“On the downside, only below 118.33 risks one more fall to 118.00/04 b4 prospect of a correction.”