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Trading news
24 Apr 2015
USD/JPY consolidating with a downside bias – AceTrader
FXStreet (Barcelona) - With USD/JPY consolidating lower, the AceTrader Team, notes 118.53 remains key for downside resumption towards 118.33 and 117.99/00.
Key Quotes
“Dollar's sell off from yesterday's high of 120.09 to 119.43 and then 119.15 signals this week's up move from Monday's 3-week trough at 118.53 has ended there and consolidation with downside bias is seen.”
“However, below the said support is needed to signal erratic decline from March's near 8-year peak at 122.03 has resumed and yield re-test of 118.33 (reaction low from 122.03) and then towards 117.90/00 later.”
“On the upside, only above 120.09 would dampen this bearish scenario and yield stronger gain to 120.43 but last week's peak at 120.84 should remain intact.”
Key Quotes
“Dollar's sell off from yesterday's high of 120.09 to 119.43 and then 119.15 signals this week's up move from Monday's 3-week trough at 118.53 has ended there and consolidation with downside bias is seen.”
“However, below the said support is needed to signal erratic decline from March's near 8-year peak at 122.03 has resumed and yield re-test of 118.33 (reaction low from 122.03) and then towards 117.90/00 later.”
“On the upside, only above 120.09 would dampen this bearish scenario and yield stronger gain to 120.43 but last week's peak at 120.84 should remain intact.”