9 Dec 2014
USD/JPY bull phase cannot be ruled out yet – UOB
FXStreet (Barcelona) - According to the UOB Group Team, another leg higher to 122.75 cannot be ruled out yet as the key support at 119.40 is still intact.
Key Quotes
“While the sharp pull-back from the high of 121.84 has dented the short-term upward momentum, the current movement is likely part of a broad consolidation range and not the start of a bearish reversal.”
“The key support is still at 119.40 and only a move below this level would indicate that the bullish phase that started in late October has ended. Otherwise, another leg higher to 122.75 cannot be ruled out just yet.
Key Quotes
“While the sharp pull-back from the high of 121.84 has dented the short-term upward momentum, the current movement is likely part of a broad consolidation range and not the start of a bearish reversal.”
“The key support is still at 119.40 and only a move below this level would indicate that the bullish phase that started in late October has ended. Otherwise, another leg higher to 122.75 cannot be ruled out just yet.