OctaFX | OctaFX Forex Broker
Open trading account

Flash: USD/JPY eyes critical weekly above 100.00 for confirmation – ANZ

FXstreet.com (Barcelona) - According to the ANZ Research Team, “The potential for USD/JPY gains through 105.60 to the 110.00-111.75 area persists, though interim support (“buy” at 101.55, stops 99.45) held, but vulnerabilities have increased.“

In addition, the retracement risk (note the momentum roll and possible steep rising wedge – blue dashed-lines) should not be ignored, but this could merely lead to a pause, not a break, in trend (as seen in mid/late-January).

Concerns over divergence and potential corrections were heightened by last week’s “outside” week (higher high, lower low, close below previous week’s low). However, the steep uptrend seen since October remains in play with targets of 105.60 (61.8% of range since 2008) and 111.50-75 (50% of range since 1998) still live. A weekly close below 100 could undermine the uptrend.

Euro: lack of direction prevails

The shared currency is trading in a sort of channel since mid May, delimited by the psychological mark at 1.3000 and the 1.2800 handle. It seems that the absence of relevant events, news, potential...
Read more Previous

EUR/USD keeps highs around 1.2930/35

The single currency is clinging to session highs in the vicinity of 1.2940 on Tuesday, recovering the positive territory after dipping to sub 1.2900 levels earlier...
Read more Next
Start livechat