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31 Mar 2015
USD/JPY: Another run to the topside not ruled out - FXCharts
FXStreet (Bali) - Following strong gains on Monday, another run to the topside in USD/JPY should not be ruled out today, notes Jim Langlands, Founder at FXCharts.
Key Quotes
"With the short term charts still looking positive another run to the topside should not be ruled out today, and the dollar could rise to meet the descending trend resistance at 120.50 and then to the 20 March high at 121.20."
"Although unlikely to be seen yet, a topside break of this would open up 121.50 and the 20 March high at 122.02. If/when this level can be overcome, the way would open up for a run towards the 15 July 2007 high at 122.42, and in the longer term, the target of 124.13 (17 June 2007 high) would appear on the horizon but will take time."
"The downside will now find support at 119.80 (200 HMA) and then at 119.40/50 and while it looks unlikely to head back below here today, the daily and weekly charts are not yet indicating that this rally is likely to continue. If the dollar does turn lower once again, 119.00/118.90 will decent support ahead of the 100 DMA/daily cloud top at 118.75, Thursday’s 118.32 lows and the thin daily cloud base at 118.15."
Key Quotes
"With the short term charts still looking positive another run to the topside should not be ruled out today, and the dollar could rise to meet the descending trend resistance at 120.50 and then to the 20 March high at 121.20."
"Although unlikely to be seen yet, a topside break of this would open up 121.50 and the 20 March high at 122.02. If/when this level can be overcome, the way would open up for a run towards the 15 July 2007 high at 122.42, and in the longer term, the target of 124.13 (17 June 2007 high) would appear on the horizon but will take time."
"The downside will now find support at 119.80 (200 HMA) and then at 119.40/50 and while it looks unlikely to head back below here today, the daily and weekly charts are not yet indicating that this rally is likely to continue. If the dollar does turn lower once again, 119.00/118.90 will decent support ahead of the 100 DMA/daily cloud top at 118.75, Thursday’s 118.32 lows and the thin daily cloud base at 118.15."