Upside movement likely as USDJPY breaks through resistance
USDJPY has broken out of end 2016-2017 trendline resistance. Moving average convergence/divergence indicates increasing upside momentum. The pair is also trading above the Ichimoko clouds.
We initiate a buy at the ¥113.00 level, targeting ¥115.00, being the March 9, 2017 high, a stop at ¥111.80, which is the 100 day simple moving average that has supported the pair last week.
Management and risk description
Time horizon: Two to five days
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- Andrew Bresler, deputy head, Sales Trading APAC, email: ANBR@saxomarkets.com.sg, tel: +65 63037614
- Kay Van-Petersen, macro strategist, email: KVP@saxomarkets.com.sg, tel: +65 63037622
- James Kim, sales trader, email: JKI@saxomarkets.com.au, tel: +61 282679009
- Edmund Liu, sales trader, email: firstname.lastname@example.org, tel: +65 63037704
Please find our daily technical analysis report on the G14 currencies attached.
— Edited by Robert Ryan
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