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3 Dec 2014
USD/JPY bull theme re-energizing to aim for key 120.00/120.10 targets – MarketChartist
FXStreet (Barcelona) - According to Steve Miley of MarketChartist, upside pressures can be seen in charts from aggressive bullish extension, and sees USD/JPY aiming for 120/120.10 targets.
Key Quotes
“We see bigger picture upside pressures from the aggressive bullish extension through mid-November through our key 2007 monthly high, 117.95 to keep the late 2014 threat higher.”
“The 8-day RSI, short-term momentum has corrected from OB, whilst leaving short-term price support intact, to point to further upside. Though momentum divergence at another new recovery high should be noted!”
“The surging rally leaves risk still to our Q4 target into early December, the 61.8% long term retrace target of the 1998-2011 bear market at 120.10 just above a key option/ psychological barrier at 120.00.”
“Ahead of here, above the new 119.15 peak sees an interim target at 119.55; threat above 120.00/10 is to 121.55.”
“For year-end, overshoot threat is to the 2007 cycle high at 124.16.”
“For Today: We see upside risk for 119.55 next; above aims for key targets at 120.00/10. But below 118.38 opens risk down to 117.87/69, though we would look for 117.35/24 to hold.”
Key Quotes
“We see bigger picture upside pressures from the aggressive bullish extension through mid-November through our key 2007 monthly high, 117.95 to keep the late 2014 threat higher.”
“The 8-day RSI, short-term momentum has corrected from OB, whilst leaving short-term price support intact, to point to further upside. Though momentum divergence at another new recovery high should be noted!”
“The surging rally leaves risk still to our Q4 target into early December, the 61.8% long term retrace target of the 1998-2011 bear market at 120.10 just above a key option/ psychological barrier at 120.00.”
“Ahead of here, above the new 119.15 peak sees an interim target at 119.55; threat above 120.00/10 is to 121.55.”
“For year-end, overshoot threat is to the 2007 cycle high at 124.16.”
“For Today: We see upside risk for 119.55 next; above aims for key targets at 120.00/10. But below 118.38 opens risk down to 117.87/69, though we would look for 117.35/24 to hold.”