Back
17 Apr 2014
USD/JPY targets 102.72/83 ahead of 104.37/70 - Societe Generale
FXStreet (Bali) - According to Stephanie Aymes and Kusal Kansara, FX Strategist at Societe Generale, USD/JPY is poised to target 102.72/83 ahead of 104.37/70, with a break above confirming the resumption of its underlying uptrend.
Key Quotes
"USD/JPY has been undergoing a prolonged consolidation since early February and this is likely to be a base formation within the overall uptrend."
"A similar consolidation was witnessed last year when the pair formed a triangle pattern. Weekly RSI is at a dual graphical support confirming 100.50 as a key support in the event of a deeper correction."
"The pair is poised to inch higher towards immediate resistance at 102.72/83, the 50% retracement from highs formed earlier this month with the next resistance at 104.37/70, a break above which will confirm resumption of an uptrend."
Key Quotes
"USD/JPY has been undergoing a prolonged consolidation since early February and this is likely to be a base formation within the overall uptrend."
"A similar consolidation was witnessed last year when the pair formed a triangle pattern. Weekly RSI is at a dual graphical support confirming 100.50 as a key support in the event of a deeper correction."
"The pair is poised to inch higher towards immediate resistance at 102.72/83, the 50% retracement from highs formed earlier this month with the next resistance at 104.37/70, a break above which will confirm resumption of an uptrend."