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7 Jan 2015
USD/JPY takes out stops above 119.00
FXStreet (Bali) - USD/JPY is trading up from 118.45 to 119.16 session high, after breaking through the round number 119.00, recovering from a new weekly low printed during the last US session at 118.05.
Bargain-hunting into the Tokyo fix, coupled with solid demand from Japanese importers and local mega-banks, allowed the pair to regain the 20 hourly MA and hourly kijun too, suggesting that dips should now be seen as an attractive move to potentially reset intraday longs for an extension into higher ground, with key resistance now located circa 119.40/50.
In the longer term, Jim Langlands, Founder at FXChart, notes: "Back above 120.00 would head back towards Monday’s session high at 120.64 with the chance of taking another look at the triple top at around 120.80. A break of this though would see a resumption of the uptrend, above 121.00 for another look at the trend high at 121.85, a break of which would see a run towards the 15 July 2007 high at 122.42. In the longer term, the target of 124.13 (17 June 2007 high) would appear on the horizon but will take time given the resistance levels sitting in between."
Bargain-hunting into the Tokyo fix, coupled with solid demand from Japanese importers and local mega-banks, allowed the pair to regain the 20 hourly MA and hourly kijun too, suggesting that dips should now be seen as an attractive move to potentially reset intraday longs for an extension into higher ground, with key resistance now located circa 119.40/50.
In the longer term, Jim Langlands, Founder at FXChart, notes: "Back above 120.00 would head back towards Monday’s session high at 120.64 with the chance of taking another look at the triple top at around 120.80. A break of this though would see a resumption of the uptrend, above 121.00 for another look at the trend high at 121.85, a break of which would see a run towards the 15 July 2007 high at 122.42. In the longer term, the target of 124.13 (17 June 2007 high) would appear on the horizon but will take time given the resistance levels sitting in between."