Back
25 May 2015
USD/JPY break above 121.68 likely – Varengold
FXStreet (Barcelona) - The Varengold Bank Research Team maintains a bullish outlook on USD/JPY, noting that a break above 121.68 is likely.
Key Quotes
“Since July the USD was able to appreciate versus the JPY and reached the level at 109.80 where the pair slightly rebounded. Since then the currency pair was experiencing a downward movement until it reached the second Fibonacci Fan line where it rebounded and rapidly climbed to a new high.”
“For the last weeks the pair was traded slightly below the resistance level at 121.68.”
“And according to the indicators, it is likely that we will see a sideward movement in the near future between the first resistance and the first support line, should the resistance hold.”
“The overall trend remains bullish and even a break through the mentioned resistance may be likely.”
“Support Levels around 115.72”
“Resistance Levels around 121.68”
Key Quotes
“Since July the USD was able to appreciate versus the JPY and reached the level at 109.80 where the pair slightly rebounded. Since then the currency pair was experiencing a downward movement until it reached the second Fibonacci Fan line where it rebounded and rapidly climbed to a new high.”
“For the last weeks the pair was traded slightly below the resistance level at 121.68.”
“And according to the indicators, it is likely that we will see a sideward movement in the near future between the first resistance and the first support line, should the resistance hold.”
“The overall trend remains bullish and even a break through the mentioned resistance may be likely.”
“Support Levels around 115.72”
“Resistance Levels around 121.68”