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17 May 2014
USD/JPY at 102.20 is key - UOB Group
FXStreet (Guatemala) - The Market Strategy Team at UOB Group noted that USD/JPY appears to be on the verge of breaking below the very critical mid-term support at 101.20
Key Quotes
"USD/JPY appears to be on the verge of breaking below the very critical mid-term support at 101.20. This level not only represents the one-year rising trend-line support but it was also tested 3 times since mid-February but held each time."
"A clear break below this level could lead to a sharp sell-off towards the early February low at 100.77 but the next significant support is much further down at the psychological level of 100.00 followed by 99.20. The risk appears clearly on the downside for now and only a move above the key resistant at 102.40 would suggest that the bearish anticipation is wrong."
Key Quotes
"USD/JPY appears to be on the verge of breaking below the very critical mid-term support at 101.20. This level not only represents the one-year rising trend-line support but it was also tested 3 times since mid-February but held each time."
"A clear break below this level could lead to a sharp sell-off towards the early February low at 100.77 but the next significant support is much further down at the psychological level of 100.00 followed by 99.20. The risk appears clearly on the downside for now and only a move above the key resistant at 102.40 would suggest that the bearish anticipation is wrong."