9 Jun 2015
USD/JPY: upside towards 128/129 area possible – JPM
FXStreet (Barcelona) -Niall O'Connor, FX Strategist at JP Morgan, sees further upside potential for USD/JPY for a test of the 128/129 area.
Key Quotes
“In line with the upside risks for the USD, the breakout in USD/JPY continues to develop with a trending bias. Friday's push above the important 124/125.70 resistance zone which includes the 2007 and late-2002 high suggests additional upside and a closer test of the 128/129 area (61.8% retrace from the 1990 cycle high).”
Key Quotes
“In line with the upside risks for the USD, the breakout in USD/JPY continues to develop with a trending bias. Friday's push above the important 124/125.70 resistance zone which includes the 2007 and late-2002 high suggests additional upside and a closer test of the 128/129 area (61.8% retrace from the 1990 cycle high).”