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13 Apr 2015
USD/JPY poised to test 122 – TDS
FXStreet (Barcelona) - FX Strategists at TD Securities, note technicals suggest that USD/JPY looks set to break higher, further anticipating a test and break above 122 to pay way for 124.
Key Quotes
“…USDJPY now looking poised to edge back towards the recent peaks just under 122. Resistance here is reinforced by a major trend line at 121.93 (stretching back to the late 1980s) and trend momentum on the shorter-term studies is not aligned in a way that gives us a lot of confidence that a break higher can be achieved soon.”
“We think a test of 122 could be seen in the next1-2 weeks but resistance (and the recent sideways range trade) likely holds for a little longer.”
“A clear break above 122 would, on the other hand, signal an immediate rise towards 124 (2007 high) and well beyond (130/135) in the longer run.”
Key Quotes
“…USDJPY now looking poised to edge back towards the recent peaks just under 122. Resistance here is reinforced by a major trend line at 121.93 (stretching back to the late 1980s) and trend momentum on the shorter-term studies is not aligned in a way that gives us a lot of confidence that a break higher can be achieved soon.”
“We think a test of 122 could be seen in the next1-2 weeks but resistance (and the recent sideways range trade) likely holds for a little longer.”
“A clear break above 122 would, on the other hand, signal an immediate rise towards 124 (2007 high) and well beyond (130/135) in the longer run.”