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2 Jun 2015
USD/JPY bullish above 123.86 – AceTrader
FXStreet (Barcelona) - Expecting choppy consolidation ahead in USD/JPY, the AceTrader team views that bullish potential remains for the pair whilst above 123.86.
Key Quotes
“Dollar's intra-day retreat after a brief rise above Monday's fresh 12-1/2 year high at 124.92 to 125.07 suggests choppy trading would be seen but as long as support at 123.86 holds, bullishness remains for long-term uptrend from 2011 record low at 75.32 to resume after consolidation and above 125.07 would extend gain to 125.74 (Dec 2002 top) later this week.”
“On the downside, only a daily close below 123.33 (previous resistance, now support) would confirm a temporary top is made and shift risk to downside for a minor correction towards 122.78.”
Key Quotes
“Dollar's intra-day retreat after a brief rise above Monday's fresh 12-1/2 year high at 124.92 to 125.07 suggests choppy trading would be seen but as long as support at 123.86 holds, bullishness remains for long-term uptrend from 2011 record low at 75.32 to resume after consolidation and above 125.07 would extend gain to 125.74 (Dec 2002 top) later this week.”
“On the downside, only a daily close below 123.33 (previous resistance, now support) would confirm a temporary top is made and shift risk to downside for a minor correction towards 122.78.”