USD/JPY: Outlook Remains Positive, Bull Trend Resumes
Jason Sen | Dec 22, 2014 07:51AM ET
USDJPY outlook remains positive as we resume the bull trend and hit our target of 119.45/50. We wrote: "a high for the day possible as we become overbought short term" and the pair topped at 119.62. Outlook remains positive but 119.65 is the main challenge today. Be ready to go with a break higher using 119.50 as support for a move towards 119.90/95 then 120.11/18.
The pair are overbought short term and failure to beat 119.65 should trigger profit taking and a move lower towards 119.03/118.98. Try longs with stops below 118.70. If we continue lower look for 118.40/35 then a buying opportunity at 118.10/00, with stops below 117.70.
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