10 Feb 2015
USD/JPY 124.00 still on the cards – RBS
FXStreet (Edinburgh) - According to Dmytro Bondar, Technical Analyst at RBS, the pair could be headed to the 124.00 area.
Key Quotes
“As discussed last week, the pair was expected to see an earlier resumption of the upswing towards 124.00 and above targets”.
“This has been confirmed by last week’s price action, which broke above the 118.70 pivot point, triggering our long USD/JPY strategy”.
“The pair has also triggered a bullish flag on the daily chart, implying further uptrend to 122.00 and 124.00 bull flag targets”.
“The latter coincides with my key target, confirming the view. After that, more upside towards 130.00 and 135.00 cannot be excluded”.
“For now, favour being long to 124.00 onto 129.90. Stop 115.80”.
Key Quotes
“As discussed last week, the pair was expected to see an earlier resumption of the upswing towards 124.00 and above targets”.
“This has been confirmed by last week’s price action, which broke above the 118.70 pivot point, triggering our long USD/JPY strategy”.
“The pair has also triggered a bullish flag on the daily chart, implying further uptrend to 122.00 and 124.00 bull flag targets”.
“The latter coincides with my key target, confirming the view. After that, more upside towards 130.00 and 135.00 cannot be excluded”.
“For now, favour being long to 124.00 onto 129.90. Stop 115.80”.