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USD/JPY Eyes 103.75 Cycle High

Published 12/03/2013, 03:14 AM
Updated 12/12/2023, 05:55 AM
USD/JPY
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USD/JPY eyes 103.75 cycle high and above to long term target, 105.60

  • We stated in our reports late last week that “the bias is still to 102.50 this week and to the cycle high at 103.75 into next”.
  • A still better Monday rally as expected, to reinforce the previous prod above 102.50 on Friday to maintain bullish pressures this week.
  • Having left behind key chart/ retrace barriers at 101.55/60, the target is now simply the 2013 cycle high at 103.75.
  • Bigger picture risk into year-end is to the 105.60 level, 61.8% retrace of the 2007-11 sell off
  • The 8-day RSI is OB, but has corrected, leaving scope to go still higher.

WHAT CHANGES THIS?

  • Through 100.95 eases bull risks, only to neutral below 100.40 and only through 99.60 shifts the tone to negative.

Please see latest audio-visual analysis here:

Monthly <span class=USD/JPY" title="Monthly USD/JPY" height="469" width="607">

Daily USDJPY

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