9 Mar 2015
USD/JPY looking for a move towards 121.85 – CharmerCharts
FXStreet (Barcelona) - Carol Harmer of CharmerCharts, expects USD/JPY to hold the 121.85 resistance and experience a pullback towards 120.46 and then 119.70 levels.
Key Quotes
“.. we have resistance to 121.85...and this is where the market is looking to head...Now we are seeing some divergence on the charts...and therefore thus it is unlikely that we can break through this 121.85 resistance under current market conditions.”
“If the stochastics start to motor higher...then it will negate a move lower...but at the moment we look for 121.85 to hold the top...thus creating a Double Top formation, leaving us liable to pullbacks to 120.46 then 119.70.”
“Obviously the latter level will determine the next trading direction...If we manage to hold onto 119.70 then we can challenge the highs once more... Below leaves 118 as our targeted area.”
“So we are anticipating the market holing 121.85....So if we break above 122 the topping pattern will not be completed and we will trade higher.”
“From our monthly charts we see that 124.16 which is the 2007 highs would then be the targeted area.”
Key Quotes
“.. we have resistance to 121.85...and this is where the market is looking to head...Now we are seeing some divergence on the charts...and therefore thus it is unlikely that we can break through this 121.85 resistance under current market conditions.”
“If the stochastics start to motor higher...then it will negate a move lower...but at the moment we look for 121.85 to hold the top...thus creating a Double Top formation, leaving us liable to pullbacks to 120.46 then 119.70.”
“Obviously the latter level will determine the next trading direction...If we manage to hold onto 119.70 then we can challenge the highs once more... Below leaves 118 as our targeted area.”
“So we are anticipating the market holing 121.85....So if we break above 122 the topping pattern will not be completed and we will trade higher.”
“From our monthly charts we see that 124.16 which is the 2007 highs would then be the targeted area.”