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3 Mar 2015
USD/JPY: Remains in familiar ranges, 116.23 on cards? - CB
FXStreet (Guatemala) - USD/JPY is pushing hard into the 120.07 resistance line
drawn from the December 2014 high, but we have not yet seen a close
above here.
Key Quotes:
"Failure here and a slide back below the 16th February low at 118.11 should be enough to trigger a slide back to the 116.23 support line."
"The market has recently failed to sustain a break higher from a converging range, but has yet to break down either – the pattern is neutral."
"Resistance lies at the February high at 120.48 ahead of is the 121.86 December high then the 122.45 15 year downtrend."
"We note the 13 count on the monthly chart. This is extremely tough resistance."
drawn from the December 2014 high, but we have not yet seen a close
above here.
Key Quotes:
"Failure here and a slide back below the 16th February low at 118.11 should be enough to trigger a slide back to the 116.23 support line."
"The market has recently failed to sustain a break higher from a converging range, but has yet to break down either – the pattern is neutral."
"Resistance lies at the February high at 120.48 ahead of is the 121.86 December high then the 122.45 15 year downtrend."
"We note the 13 count on the monthly chart. This is extremely tough resistance."