8 May 2015
USD/JPY: consolidation with upside bias – AceTrader
FXStreet (Barcelona) - The AceTrader Team expects USD/JPY to consolidate with an upside bias within the 122.03-118.33 range.
Key Quotes
“Dollar's strong rebound after extending fall from Tuesday's high of 120.51 to 119.06 yesterday signals further choppy trading inside the early 7-week long range of 122.03-118.33 would continue and consolidation with upside bias is now envisaged.”
“However, only above 120.51 would retain bullishness for stronger gain to 120.84 and then pivotal resistance at 121.20.”
“On the downside, below 119.20/30 would yield marginal weakness below 119.06 but support at last week's bottom at 118.50 should remain intact.”
Key Quotes
“Dollar's strong rebound after extending fall from Tuesday's high of 120.51 to 119.06 yesterday signals further choppy trading inside the early 7-week long range of 122.03-118.33 would continue and consolidation with upside bias is now envisaged.”
“However, only above 120.51 would retain bullishness for stronger gain to 120.84 and then pivotal resistance at 121.20.”
“On the downside, below 119.20/30 would yield marginal weakness below 119.06 but support at last week's bottom at 118.50 should remain intact.”