13 Feb 2015
USD/JPY bullish above 118.51 – AceTrader
FXStreet (Barcelona) - The AceTrader Team maintains a positive bias for USD/JPY, expecting the pair to retrace the fall from 120.48 if it remains above 118.51 levels.
Key Quotes
“Looking at the bigger picture, dlr selloff y'day after extending the erratic upmove fm Jan's low at 115.85 to 120.48 Wed has anchored our recent broad consolidative view where the volatile price action fm Dec's 7-1/2 year peak at 121.85 is developing into a triangle, with a-leg trough at 115.57, 120.83 marked the b-leg top, the decline to Jan's low at 115.85 was the c-leg bottom n fall fm Wed's high of 120.48 has marked the terminus of d-leg rise fm last week's low at 116.66.”
“Current e-leg decline fm 120.48 wud yield weakness to 117.62, this is the 'dynamic' 61.8% r of 115.85-120.48, but price shud hold abv 117.18 (last Fri's low) n yield rebound.”
“Looking ahead, only abv 120.83 wud signal an 'upside break' has occured, then dlr wud head wud 121.85 later in Feb.”
“Today, although we're holding a long position for a retracement of the fall fm 120.48. Below 118.51 wud risk re-test of this week's 118.33 (Mon) low.”
Key Quotes
“Looking at the bigger picture, dlr selloff y'day after extending the erratic upmove fm Jan's low at 115.85 to 120.48 Wed has anchored our recent broad consolidative view where the volatile price action fm Dec's 7-1/2 year peak at 121.85 is developing into a triangle, with a-leg trough at 115.57, 120.83 marked the b-leg top, the decline to Jan's low at 115.85 was the c-leg bottom n fall fm Wed's high of 120.48 has marked the terminus of d-leg rise fm last week's low at 116.66.”
“Current e-leg decline fm 120.48 wud yield weakness to 117.62, this is the 'dynamic' 61.8% r of 115.85-120.48, but price shud hold abv 117.18 (last Fri's low) n yield rebound.”
“Looking ahead, only abv 120.83 wud signal an 'upside break' has occured, then dlr wud head wud 121.85 later in Feb.”
“Today, although we're holding a long position for a retracement of the fall fm 120.48. Below 118.51 wud risk re-test of this week's 118.33 (Mon) low.”