17 Mar 2015
USD/JPY sees a visit to 124.00 and beyond – RBS
FXStreet (Edinburgh) - The US dollar is expected to appreciate initially to the 124.00 area vs. the Japanese yen, ahead of a test of 130.00, according to Dmytro Bondar, Technical Analyst at RBS.
Key Quotes
“We remain long USD/JPY after the resumption of the up-trend towards 124.00 and above targets and note that our first resistance level of 122.00 has already been tested, from where there may be a correction”.
“The near-term may see a correction back to the 118.70 pivot point, which is expected to hold, offering levels for those who missed the move”.
“We hold the view for 122.00 and 124.00 bull flag targets to be tested. The latter coincides with my long-term target”.
“After that, more upside towards 130.00 and 135.00 cannot be excluded”.
Key Quotes
“We remain long USD/JPY after the resumption of the up-trend towards 124.00 and above targets and note that our first resistance level of 122.00 has already been tested, from where there may be a correction”.
“The near-term may see a correction back to the 118.70 pivot point, which is expected to hold, offering levels for those who missed the move”.
“We hold the view for 122.00 and 124.00 bull flag targets to be tested. The latter coincides with my long-term target”.
“After that, more upside towards 130.00 and 135.00 cannot be excluded”.