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16 Mar 2015
USD/JPY might see a pullback towards 120.46 – CharmerCharts
FXStreet (Barcelona) - Carol Harmer of CharmerCharts, gives the technical outlook and key levels for USD/JPY, noting that the pair might witness a pullback towards 120.46 and then 119.70.
Key Quotes
“We hit target of 121.85 and extended higher to 122.02....Now we have not as yet been able to stay above here...and although it is not a perfect D/T it is looking like the market has made a top, especially as we have seen divergence on the daily charts.”
“This is usually a indicators that all things are not well with the recent move...so the recent move was up..therefore thus we would be looking for a move lower this coming week...leaving us liable to pullbacks to 120.46 then 119.70.”
“Obviously the latter level will determine the next trading direction...If we manage to hold onto 119.70 then we can challenge the highs once more.”
“Below here leaves 118 as our targeted area.”
“So for the moment we should hold the topside....However if we break above 12225 the topping pattern will have waned and we will trade higher.”
“From our monthly charts we see that 123.67 to 124.16 which is the 2007 highs would then be the targeted area.”
Key Quotes
“We hit target of 121.85 and extended higher to 122.02....Now we have not as yet been able to stay above here...and although it is not a perfect D/T it is looking like the market has made a top, especially as we have seen divergence on the daily charts.”
“This is usually a indicators that all things are not well with the recent move...so the recent move was up..therefore thus we would be looking for a move lower this coming week...leaving us liable to pullbacks to 120.46 then 119.70.”
“Obviously the latter level will determine the next trading direction...If we manage to hold onto 119.70 then we can challenge the highs once more.”
“Below here leaves 118 as our targeted area.”
“So for the moment we should hold the topside....However if we break above 12225 the topping pattern will have waned and we will trade higher.”
“From our monthly charts we see that 123.67 to 124.16 which is the 2007 highs would then be the targeted area.”