18 Feb 2015
USD/JPY key support remains in the mid-115.00s – JP Morgan
FXStreet (Edinburgh) - In the view of analysts at JP Morgan, the area of 115.50 represents a critical support in the pair.
Key Quotes
“In line with the range bias, note that USD/JPY maintains the consolidation phase below the December peak”.
“Importantly, the post-payrolls rally is consistent with the view for eventual new highs especially given the backup in US rates”.
“Again, support in the 115.50 zone stays critical. This area represents the
January/December range lows as well as the 38.2% retracement from the October low”.
“Given the importance of this area, violations would confirm a deeper corrective phase into the 113.95/50 zone which includes dual retracements from the October and July lows and should be a max”.
Key Quotes
“In line with the range bias, note that USD/JPY maintains the consolidation phase below the December peak”.
“Importantly, the post-payrolls rally is consistent with the view for eventual new highs especially given the backup in US rates”.
“Again, support in the 115.50 zone stays critical. This area represents the
January/December range lows as well as the 38.2% retracement from the October low”.
“Given the importance of this area, violations would confirm a deeper corrective phase into the 113.95/50 zone which includes dual retracements from the October and July lows and should be a max”.