The Yen has
been hurt lately by the comments from Japanese officials regarding the
implementation of additional economic stimulus and the intervention of the Yen.
That is why the USD/JPY continues retracing to the upside, after it made a low
around the 106.00 zone. Today the pair breaks above the 200 week exponential
moving average, which is around the 108.20 level. Even though the bearish trend
is still in place for the longer term, the stochastics indicator on the daily
chart has not entered the overbought zone yet, indicating that the pair has
room to continue rallying. To the upside, the 111.00 level may act as
resistance, above that level, the 114.00 level may also act as resistance. To
the downside, the 106.00 level may act as support in case the price falls back
to that zone.
I think it will continue climbing.
ReplyDeleteLooks like it will keep pushing higher.
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ReplyDeleteIt found some resistance at 109.40.
ReplyDeleteExcellent Analysis! Thanks.
ReplyDeleteVery informative article, thanks for sharing!
ReplyDeleteUseful read.
ReplyDeleteGood analysis.
ReplyDeleteThanks for sharing your point of view.
ReplyDelete