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3 Jun 2015
USD/JPY: Headed to 128 on ascending bullish triangle - CB
FXStreet (Guatemala) - USD/JPY is currently trading at 124.41 with a high of 124.69 and a low of 123.78.
USD/JPY is consolidating the upside ahead of 124.80 resistance and on 123.60 support that defines the near term range. Stop territories were the culprit yesterday on the run on the dollar but the bulls were resilient and this leaves the major well placed on the 124 handle ahead of Nonfarm Payrolls this week.
At this stage, it is whether the major can make a real break from the otherwise stagnant 4-month ranges. Analysts at JP Morgan recently explained that their forecast still show USD/JPY in the low to mid-120s for the next year, though subject to inevitable spikes around US economic and/or Fed optimism.
USD/JPY technically remains in bullish territory. Karen Jones, chief analyst at Commerzbank explained, longer term, that they remain bullish and that the market has recently completed an ascending triangle, which offers a longer term target to 128.00/15. "Dips lower are indicated to terminate circa 122.40. Key support is considered to be the 5 month uptrend at 119.20 and while above here we remain bullish."
USD/JPY is consolidating the upside ahead of 124.80 resistance and on 123.60 support that defines the near term range. Stop territories were the culprit yesterday on the run on the dollar but the bulls were resilient and this leaves the major well placed on the 124 handle ahead of Nonfarm Payrolls this week.
At this stage, it is whether the major can make a real break from the otherwise stagnant 4-month ranges. Analysts at JP Morgan recently explained that their forecast still show USD/JPY in the low to mid-120s for the next year, though subject to inevitable spikes around US economic and/or Fed optimism.
USD/JPY technically remains in bullish territory. Karen Jones, chief analyst at Commerzbank explained, longer term, that they remain bullish and that the market has recently completed an ascending triangle, which offers a longer term target to 128.00/15. "Dips lower are indicated to terminate circa 122.40. Key support is considered to be the 5 month uptrend at 119.20 and while above here we remain bullish."