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23 May 2014
USD/JPY: Only a break below 100.50 will accelerate losses - SocGen
FXStreet (Bali) - Stephanie Aymes and Kusal Kansara, FX Analysts at Societe Generale, shared their view on USD/JPY, noting that only a break below 100.50 will allow losses to accelerate.
Key Quotes
"USD/JPY is approaching the September 2013 highs of 100.50, which is also close to the 50% retracement from August 2013 lows. The pair has broken below a rising channel drawn from June 2013 lows (orange dash)."
"The daily indicator is bouncing from a graphical support highlighting 100.50 as a key level. Only a decisive weekly break below 100.50 will trigger a deeper correction towards 100.20/99.40 with the next support at 98.30, the 23.6% retracement from 2011 lows. A break above 102.46 will provide an early signal of continuation of the uptrend."
Key Quotes
"USD/JPY is approaching the September 2013 highs of 100.50, which is also close to the 50% retracement from August 2013 lows. The pair has broken below a rising channel drawn from June 2013 lows (orange dash)."
"The daily indicator is bouncing from a graphical support highlighting 100.50 as a key level. Only a decisive weekly break below 100.50 will trigger a deeper correction towards 100.20/99.40 with the next support at 98.30, the 23.6% retracement from 2011 lows. A break above 102.46 will provide an early signal of continuation of the uptrend."