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14 May 2015
Trading USD/JPY: Downside bias within range – AceTrader
FXStreet (Barcelona) - The AceTrader Team gives the key trading levels for USD/JPY, expecting a choppy consolidation with a downside bias within the 118.33-122.03 range.
Key Quotes
“Although dollar's breach of yesterday's low at 119.03 in European morning signals decline from last week's peak at 120.51 has resumed and further choppy trading inside early 8-week long broad range of 122.03-118.33 would continue with downside bias, April's bottom at 118.50 should remain intact today due to near term loss of momentum and yield rebound later.”
“On the upside, only a move back above 119.47 (Monday's low in NZ, now resistance) would indicate a temporary low has been made and bring subsequent gain to 119.71 and then 119.97/03.”
Key Quotes
“Although dollar's breach of yesterday's low at 119.03 in European morning signals decline from last week's peak at 120.51 has resumed and further choppy trading inside early 8-week long broad range of 122.03-118.33 would continue with downside bias, April's bottom at 118.50 should remain intact today due to near term loss of momentum and yield rebound later.”
“On the upside, only a move back above 119.47 (Monday's low in NZ, now resistance) would indicate a temporary low has been made and bring subsequent gain to 119.71 and then 119.97/03.”