12 May 2015
USD/JPY remains a buy on dips – AceTrader
FXStreet (Barcelona) - The AceTrader Team, maintains a buy on dips bias on USD/JPY, and further expect the resistance at 120.84 to hold.
Key Quotes
“As indicated in previous update, dlr's choppy sideways move inside the 8-week long broad range of 122.03-118.33 looks set to continue this week, current neutral readings on the daily technical indicators add credence to this view.”
“One can interpret the volatile price pattern fm 122.03 peak is developing into a 'triangle' with a-leg trough at 118.33, subsequent gain to 120.84 marked the terminus of b-leg top, c-leg trough at 118.50 n d-leg top has possibly been made at 120.51 last week. Therefore, if this bullish triangle scenario holds true, buying dlr on next e-leg decline in anticipation of a resumption of the LT uptrend in late May/Jun is favoured.”
“On the downside, below 118.33 anytime wud abort this view n risk swift drop twd next daily chart obj. at 116.66 (Feb low).”
“Today, we have just exited previous long position entered at 120.50 n wud buy again on dips but 120.84 shud hold. Only below 119.47 aborts, 119.21/25.”
Key Quotes
“As indicated in previous update, dlr's choppy sideways move inside the 8-week long broad range of 122.03-118.33 looks set to continue this week, current neutral readings on the daily technical indicators add credence to this view.”
“One can interpret the volatile price pattern fm 122.03 peak is developing into a 'triangle' with a-leg trough at 118.33, subsequent gain to 120.84 marked the terminus of b-leg top, c-leg trough at 118.50 n d-leg top has possibly been made at 120.51 last week. Therefore, if this bullish triangle scenario holds true, buying dlr on next e-leg decline in anticipation of a resumption of the LT uptrend in late May/Jun is favoured.”
“On the downside, below 118.33 anytime wud abort this view n risk swift drop twd next daily chart obj. at 116.66 (Feb low).”
“Today, we have just exited previous long position entered at 120.50 n wud buy again on dips but 120.84 shud hold. Only below 119.47 aborts, 119.21/25.”