17 Mar 2015
USD/JPY undertone clearly positive – UOB
FXStreet (Barcelona) - Analysts at UOB Group, argue that in spite of the current consolidation easing off the upward momentum in USD/JPY, the undertone clearly remains positive for a break above 122.00/05.
Key Quotes
“USD has been trading sideways since making a high of 122.00/05 early last week. While the prolonged consolidation phase has resulted in waning upward momentum, the undertone is still clearly positive and we continue to expect an eventual break above 122.00/05 for a move towards 123.00.”
“Trailing stop-loss is still at 120.30 but last week’s low near 120.60 is already a very strong support.”
Key Quotes
“USD has been trading sideways since making a high of 122.00/05 early last week. While the prolonged consolidation phase has resulted in waning upward momentum, the undertone is still clearly positive and we continue to expect an eventual break above 122.00/05 for a move towards 123.00.”
“Trailing stop-loss is still at 120.30 but last week’s low near 120.60 is already a very strong support.”