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9 Feb 2015
USD/JPY a buy on dips – AceTrader
FXStreet (Barcelona) - The AceTrader Team shares the technical outlook for USD/JPY, and suggest that with 118.40/45 expected to hold the downside, the pair is a buy on dips for today towards 119.96.
Key Quotes
“Looking at the bigger picture, dlr's strg rise to 119.22 on Fri lents credence to our recent broad consolidative view where the volatile price action fm Dec's 7-1/2 year peak at 121.85 is developing into a triangle, with a-leg trough at 115.57, 120.83 marked the b-leg top, the decline to Jan's low at 115.85 was the c-leg bottom.”
“Last week's 3 legged rise fm 116.66 could either be the d-leg rebound which shud falter below 120.83 n yield one more e-leg decline or 116.66 may well be the e-led terminus.”
“In either case, trading dlr fm the long side (our weekly strategy is currently holding a long position) is therefore favoured.”
“Abv 120.83 anytime wud signal an 'upside break' has occured, then dlr wud head wtd 121.85 later this month.”
“Today, as current price is trading abv the 21-hr & 55-hr emas, buying dlr on dips is the way to go as 118.40/50 wud hold but 119.96 res wud cap upside.”
Key Quotes
“Looking at the bigger picture, dlr's strg rise to 119.22 on Fri lents credence to our recent broad consolidative view where the volatile price action fm Dec's 7-1/2 year peak at 121.85 is developing into a triangle, with a-leg trough at 115.57, 120.83 marked the b-leg top, the decline to Jan's low at 115.85 was the c-leg bottom.”
“Last week's 3 legged rise fm 116.66 could either be the d-leg rebound which shud falter below 120.83 n yield one more e-leg decline or 116.66 may well be the e-led terminus.”
“In either case, trading dlr fm the long side (our weekly strategy is currently holding a long position) is therefore favoured.”
“Abv 120.83 anytime wud signal an 'upside break' has occured, then dlr wud head wtd 121.85 later this month.”
“Today, as current price is trading abv the 21-hr & 55-hr emas, buying dlr on dips is the way to go as 118.40/50 wud hold but 119.96 res wud cap upside.”