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4 May 2015
USD/JPY sees potential for 123.24 – Goldman Sachs
FXStreet (Barcelona) - According to FX Strategists at Goldman Sachs, USD/JPY is currently breaking through the top of a triangle formation, and sees potential for a test of 123.24 levels.
Key Quotes
“There seems to be a observable ABCDE in place suggesting that the market should be trend-ready.”
“The next level higher is 61.8% of the initial Mar. 10th/26th decline at 120.62. Through that point, the bigger resistance area to focus on is 121.85-122.04 at the highs from Dec. 8th/Mar. 10th.”
“In classic tech terms, the height of the triangle extrapolated from the break-point implies potential for a move to ~123.24.”
Key Quotes
“There seems to be a observable ABCDE in place suggesting that the market should be trend-ready.”
“The next level higher is 61.8% of the initial Mar. 10th/26th decline at 120.62. Through that point, the bigger resistance area to focus on is 121.85-122.04 at the highs from Dec. 8th/Mar. 10th.”
“In classic tech terms, the height of the triangle extrapolated from the break-point implies potential for a move to ~123.24.”