In the longer-term, the rise from October 2011 low of 75.563unfolded in an impulsive 5-wave rally which peaked at105.428earlier in the year. Technically, with the sustained break above 105.428, this market is deemed to have resumed its longer-term rise towards its longer-term targets including the 50% retracement of 147.680 to 75.563 at 111.637, the 61.8% retracement of 147.680 to 75.563 at 120.150as well as the 2006 high of 124.120.This bullish assessment has been enhanced by this week’s push above 107-yen to 107.383- its highest level this year.
USD-JPY Short to Medium Outlook
USD-JPY continues to power higher to its highest level this year with a print at107.383 on Friday. By the week’s closing, this market remained bid near the high.This placed near-term bias resolutely to the upside. The immediate target is the 361.8% extension of 75.563 to 84.172 from 77.119 at 108.266followed by the 50.0% retracement of 147.680 to 75.563 at 111.637 (refer to D1 chart). Based on the momentum seen lately, pullbacks
TRADE IDEA #1 Buy between 106.630-106.709 Stop-Loss: Exit on H4 close below 106.630 Primary Target: 108.200 Secondary Target: 111.637
TRADE IDEA #2 Sell between 106.027-106.146 Stop-Loss: Exit on H4 close below106.027 Primary Target: 108.200 Secondary Target: 111.637
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USD-JPY Longer to Long-Term Outlook
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15-Sep 2014 Monday
10:40 AM (3514 days ago)
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