17 Mar 2015
USD/JPY poised for a major breakout – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, views that USD/JPY remains poised for a higher breakout to test 122.03 and above that 124 levels.
Key Quotes
“At the onset of US Fed’s two-day policy meeting, USD/JPY continues to trade directionless, extending its accumulation phase in to the sixth straight session.”
“The pair consolidates between 121-121.60 levels, offered on every attempt on the upside and heavily bought on the 121 handle.”
“With this side trend, it appears that USD/JPY is poised for a major breakout and may retest fresh eight year highs at 122.03 reached on March 10 and beyond that may storm its way to 124 on a hawkish Fed statement due to be released on Wednesday.”
Key Quotes
“At the onset of US Fed’s two-day policy meeting, USD/JPY continues to trade directionless, extending its accumulation phase in to the sixth straight session.”
“The pair consolidates between 121-121.60 levels, offered on every attempt on the upside and heavily bought on the 121 handle.”
“With this side trend, it appears that USD/JPY is poised for a major breakout and may retest fresh eight year highs at 122.03 reached on March 10 and beyond that may storm its way to 124 on a hawkish Fed statement due to be released on Wednesday.”