19 Jun 2015
USD/JPY: 122.05 on the cards - UOB
FXStreet (Guatemala) - Analysts at UOB Group explained that we should continue to expect a break below 122.40/45 targeting a move to 122.05 in USD/JPY.
Key Quotes:
"The drop from the 124.40/45 high is likely a resumption of the mid-term bearish trend as we continue to target a move to 122.05."
"However, last week’s low at 122.40/45 is a strong support (tested overnight) and this level may break so easily."
"As long as the stop-loss at 123.75 is not taken out, we believe 122.05 could be seen within the next one week."
Key Quotes:
"The drop from the 124.40/45 high is likely a resumption of the mid-term bearish trend as we continue to target a move to 122.05."
"However, last week’s low at 122.40/45 is a strong support (tested overnight) and this level may break so easily."
"As long as the stop-loss at 123.75 is not taken out, we believe 122.05 could be seen within the next one week."