25 Mar 2014
USD/JPY: Break though 102.85/103.15 adds potential upside bias - JPMorgan
FXStreet (Bali) - Niall O'Connor, FX Strategist at JPMorgan, noyes the USD/JPY needs a break through 102.85/103.15 to accelerate gains.
Key Quotes
"USD/JPY reversed from key support levels as well while suggesting a growing risk that a short term recovery phase can take hold. This follows the test and hold of critical support at the 101.20/100.75 zone which includes the March/February lows."
"While intact, upside follow-through above the 102.85/103.15 resistance zone (76.4% retracement from the March high) would add to the potential upside bias and allow for a closer test of the critical 103.76/104.35 zone. As mentioned in recent updates, note this area which includes the March peak and 76.4% retracement of the decline from the January high will define whether new highs are on the way."
Key Quotes
"USD/JPY reversed from key support levels as well while suggesting a growing risk that a short term recovery phase can take hold. This follows the test and hold of critical support at the 101.20/100.75 zone which includes the March/February lows."
"While intact, upside follow-through above the 102.85/103.15 resistance zone (76.4% retracement from the March high) would add to the potential upside bias and allow for a closer test of the critical 103.76/104.35 zone. As mentioned in recent updates, note this area which includes the March peak and 76.4% retracement of the decline from the January high will define whether new highs are on the way."