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27 Mar 2015
USD/JPY key support at 118.20 – SG
FXStreet (Barcelona) - Technical Analysts at Societe Generale, view that 118.20 is key for USD/JPY, as a break below this might confirm a deeper move towards 116.60/115.50 levels.
Key Quotes
“USD/JPY is retracing after testing previous-year highs of 121.85/122. The monthly indicator is testing a graphical ceiling, suggesting the possibility of a consolidation.”
“The pair has re-integrated within a multi-month triangle and has violated an upward channel support.”
“The pair is approaching 118.20, the 61.8% retracement from the January lows.”
“The daily RSI is testing a graphical floor, suggesting 118.20 as an immediate support.”
“A decisive break below 118.20 will confirm a deeper retracement towards the lower triangle limit at 116.60/115.50.”
Key Quotes
“USD/JPY is retracing after testing previous-year highs of 121.85/122. The monthly indicator is testing a graphical ceiling, suggesting the possibility of a consolidation.”
“The pair has re-integrated within a multi-month triangle and has violated an upward channel support.”
“The pair is approaching 118.20, the 61.8% retracement from the January lows.”
“The daily RSI is testing a graphical floor, suggesting 118.20 as an immediate support.”
“A decisive break below 118.20 will confirm a deeper retracement towards the lower triangle limit at 116.60/115.50.”