7 May 2015
USD/JPY downside bias below 120.51 – AceTrader
FXStreet (Barcelona) - According to the Research Team at AceTrader, USD/JPY is likely to see choppy trading with a downside bias while the pair remains below 120.51.
Key Quotes
“Although dollar's sell off from Tuesday's high of 120.51 to as low as 119.21 yesterday signals near term rise from last Thursday's 4-week trough at 118.50 has ended there and choppy trading with downside bias would be seen.”
“Only below the said support would encourage for a re-test of daily support at 118.33.”
“On the upside, only above 120.51 would indicate price remains confined inside early 7-week broad range of 122.03-118.33 and bring stronger gain towards 120.84 and then 121.20.”
Key Quotes
“Although dollar's sell off from Tuesday's high of 120.51 to as low as 119.21 yesterday signals near term rise from last Thursday's 4-week trough at 118.50 has ended there and choppy trading with downside bias would be seen.”
“Only below the said support would encourage for a re-test of daily support at 118.33.”
“On the upside, only above 120.51 would indicate price remains confined inside early 7-week broad range of 122.03-118.33 and bring stronger gain towards 120.84 and then 121.20.”