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17 Apr 2015
USD/JPY downside bias below 118.79 – AceTrader
FXStreet (Barcelona) - The AceTrader Team maintains a downside bias for USD/JPY while the pair trades below 118.79, and further add that a break below 118.33 would pave way for 117.90/00.
Key Quotes
“Although dollar's intra-day breach of Wednesday's low at 118.79 suggests downside bias is seen for fall from Monday's high of 120.84 to pressure price towards March's bottom at 118.33, break needed to confirm corrective decline from March's near 8-year peak at 122.03 has finally resumed and extend weakness towards 117.90/00.”
“Above 119.47 would indicate a temporary low is made and shift risk to upside for gain towards 119.75, break would yield stronger gain towards 120.12.”
Key Quotes
“Although dollar's intra-day breach of Wednesday's low at 118.79 suggests downside bias is seen for fall from Monday's high of 120.84 to pressure price towards March's bottom at 118.33, break needed to confirm corrective decline from March's near 8-year peak at 122.03 has finally resumed and extend weakness towards 117.90/00.”
“Above 119.47 would indicate a temporary low is made and shift risk to upside for gain towards 119.75, break would yield stronger gain towards 120.12.”