3 Feb 2016
USD/JPY: Range-bound with Ichimoku cloud tested - RBS
FXStreet (Delhi) – Dmytro Bondar, Technical Analyst at RBS, suggests that the USD/JPY pair remained in a range with both upside and downside breakout failing so far.
Key Quotes
“On the upside, the pair has a pivot point at the Ichimoku (near the 122.13). If broken, it will trigger a rally to at least 125.87 and possibly 129.61 and 131.93 levels.
On the downside, we have a Head and Shoulders formation with the neckline standing at 116.00/116.50. If the latter is broken, (which seems unlikely now), that would be a trigger for 110.01 and 106.27.
If not, a failed H&S would be a bullish pattern with the targets above 130.”
RES: 122.13 124.00 125.87
SUP: 119.81 118.00 116.50
Key Quotes
“On the upside, the pair has a pivot point at the Ichimoku (near the 122.13). If broken, it will trigger a rally to at least 125.87 and possibly 129.61 and 131.93 levels.
On the downside, we have a Head and Shoulders formation with the neckline standing at 116.00/116.50. If the latter is broken, (which seems unlikely now), that would be a trigger for 110.01 and 106.27.
If not, a failed H&S would be a bullish pattern with the targets above 130.”
RES: 122.13 124.00 125.87
SUP: 119.81 118.00 116.50