27 Nov 2013
Flash: USD/JPY on course towards 103.75 - ANZ
FXstreet.com (Barcelona) - According to Tim Riddell, Head of Global Markets Research at ANZ, despite the USD/JPY break may prove less dynamic than a standard triangle break, price looks to be on course to hit next target at 103.75.
Key Quotes
"Nevertheless, this should still trigger a retest of 2013’s 103.75 high and potentially a move to the longer term retracement level of 105.60 in 2014."
"The style of current gains will also be critical in determining whether this break is merely allowing for a broader range defining to develop or whether it hails a return to the preceding uptrend. Therefore dips ought to remain above the previous contracting range (ie above 99.50) and ideally above 100.60."
"The style of the current break above 100.00 has gained the necessary dynamism to suggest a full retest of May’s 103.75 high and potentially measured moves to the 104.50 and then 105.60 areas."
"Interim dips will remain critical and the break of 100.60 should remain unchecked and ideally dips should hold above 100.90.
A fall to 100.40 would be seen as concerning but a break below 99.50 would be needed to undermine the current upside bias."
Key Quotes
"Nevertheless, this should still trigger a retest of 2013’s 103.75 high and potentially a move to the longer term retracement level of 105.60 in 2014."
"The style of current gains will also be critical in determining whether this break is merely allowing for a broader range defining to develop or whether it hails a return to the preceding uptrend. Therefore dips ought to remain above the previous contracting range (ie above 99.50) and ideally above 100.60."
"The style of the current break above 100.00 has gained the necessary dynamism to suggest a full retest of May’s 103.75 high and potentially measured moves to the 104.50 and then 105.60 areas."
"Interim dips will remain critical and the break of 100.60 should remain unchecked and ideally dips should hold above 100.90.
A fall to 100.40 would be seen as concerning but a break below 99.50 would be needed to undermine the current upside bias."