5 Feb 2014
Flash: Risk of major top in USD/JPY increased - JPMorgan
FXStreet (Bali) - The risk of having marked a major top in USD/JPY, according to Thomas Anthonj, FX Strategist at JP Morgan, has increased, although would only be confirmed below 100.62.
Key Quotes
"Looking at the big picture of USD/JPY we are still missing the final evidence whether a 5th wave top could be in place at 105.48 or whether we are still missing a minor 5th wave advance towards 105.65/106.68 (monthly Ichimoku lagging/monthly trend)."
"As long as massive support between 102.08/101.54 (int. 38.2 %/pivot) and 100.62 (internal wave 1 top) is not taken out we might potentially still be missing a 5th wave advance. Below 100.62 though, the downside would be wide open for a minimum setback to 95.65 (38.2 % on higher scale)."
Key Quotes
"Looking at the big picture of USD/JPY we are still missing the final evidence whether a 5th wave top could be in place at 105.48 or whether we are still missing a minor 5th wave advance towards 105.65/106.68 (monthly Ichimoku lagging/monthly trend)."
"As long as massive support between 102.08/101.54 (int. 38.2 %/pivot) and 100.62 (internal wave 1 top) is not taken out we might potentially still be missing a 5th wave advance. Below 100.62 though, the downside would be wide open for a minimum setback to 95.65 (38.2 % on higher scale)."