USD/JPY: Upside parallels have emerged on the daily chart - Natixis

According to Micaella Feldstein, Research Analyst at Natixis, upside parallels have emerged on the daily chart, the weekly indicators have turned around and important technical thresholds at 112.67-112.80 (weekly parabolic) were cleared.

Key Quotes

“Against this backdrop, a stronger rally is likely to 113.31113.43 (daily Bollinger upper band) ahead of 113.73-113.83 (weekly Bollinger upper band).”

“A break of this last area would be needed to initiate a lasting recovery to 114.46-114.60 (rising trendline) ahead of 115.85-116.10 (Fibonacci extensions).  The supports lie at 112.67/80, at 112, at 111.51, at 110.95-111.03 and at 110.22.”