USD/JPY rose further to as high as 104.63 last week and took out 103.73 resistance firmly. Near term outlook stays bullish as long as 102.49 support holds. The larger up trend would target 38.2% projection of 77.13 to 103.73 from 96.56 at 106.72 next. On the downside, break of 102.49 is needed to signal short term topping. Otherwise, outlook will stay bullish in case of retreat.
In the bigger picture, current development indicates that medium term up trend from 75.56 is resuming. Such rally should now extend to 50% retracement of 146.68 to 75.56 at 111.62. Sustained break there will pave the way to 61.8% retracement at 119.51 and above. On the downside, break of 96.56 is needed to signal medium term topping. Otherwise, outlook will stay bullish.
In the long term picture, the strong impulsive look of the rally from 75.56 suggests that USD/JPY is now in a long term up trend. Key focus will be on current 100/103.10 resistance zone. Sustained trading above there would open up the case for further extension through 124.13 resistance in the long term. We'd judge the outlook again should USD/JPY pull back from current level.
0 comments:
Post a Comment