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15 May 2015
USD/JPY might see 119.97 before retreating – AceTrader
FXStreet (Barcelona) - The AceTrader Team sees near-term upside potential for USD/JPY towards 119.97 before the pair retreats lower.
Key Quotes
“Despite dollar's extension of decline from last week's peak at 120.51 to 118.88 yesterday, subsequent rebound and intra-day breach of 119.47 (previous support) signals price would remain confined inside the 8-week long broad range of 122.03-118.33 and near term upside bias is seen for gain towards 119.97/03 before retreat occurs.”
“On the downside, below 118.88 may yield weakness towards April's bottom at 118.50 but aforesaid key support at 118.33 should remain intact.”
Key Quotes
“Despite dollar's extension of decline from last week's peak at 120.51 to 118.88 yesterday, subsequent rebound and intra-day breach of 119.47 (previous support) signals price would remain confined inside the 8-week long broad range of 122.03-118.33 and near term upside bias is seen for gain towards 119.97/03 before retreat occurs.”
“On the downside, below 118.88 may yield weakness towards April's bottom at 118.50 but aforesaid key support at 118.33 should remain intact.”