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1 Apr 2014
USD/JPY 104 here we come? - FXStreet
FXStreet (Guatemala) - Ivan Delgado, Head of Asian Editors at FXStreet explained in an article that for a third consecutive day of gains USD/JPY is back above its daily cloud.
Key Quotes:
“…Strengthening the case for a bullish continuation into higher ground in the days ahead”.
“In favor of the bullish case is also the fact that both Yellen dovish comments and a miss in the Chicago PMI failed to bring down the price, a hint about current market sentiment; a sharp retreat was quickly bought up by a market seemingly determined to higher targets”.
“The future cloud remains bearish but shrinking, positive for sentiment”.
Meanwhile, the chikou span has managed to break through the kijun line, although more work needs to be done until breaking through the top of the cloud circa 104.00.
“The next upside target is located around 103.65/70 (61.8% fib retrac from the Dec-Feb decline) ahead of more ambitious highs at 104.35/40 (76.4% fib retrac same fall)”.
“On the downside, the area of 103.00/103.10 should provide solid support (top of the daily cloud) ahead of 102.50/60 (daily kijun)”.
Key Quotes:
“…Strengthening the case for a bullish continuation into higher ground in the days ahead”.
“In favor of the bullish case is also the fact that both Yellen dovish comments and a miss in the Chicago PMI failed to bring down the price, a hint about current market sentiment; a sharp retreat was quickly bought up by a market seemingly determined to higher targets”.
“The future cloud remains bearish but shrinking, positive for sentiment”.
Meanwhile, the chikou span has managed to break through the kijun line, although more work needs to be done until breaking through the top of the cloud circa 104.00.
“The next upside target is located around 103.65/70 (61.8% fib retrac from the Dec-Feb decline) ahead of more ambitious highs at 104.35/40 (76.4% fib retrac same fall)”.
“On the downside, the area of 103.00/103.10 should provide solid support (top of the daily cloud) ahead of 102.50/60 (daily kijun)”.