USD/JPY: A Push Higher?
Carol Harmer | Apr 23, 2014 04:03AM ET
JPY failed again in the 10275 region but the charts still point higher therefore we must go with them. Now we have held the 10249 support so far so there really is no reason we cannot push higher and break the 10275 barrier.
Once done we can make our way to 10300 where we would initially cover longs. If the charts still point higher we go back in and buy dips down to our designated support area. Add to longs to 10228 and only reverse below 10185.
Now if we break and hold above 10300 we can see the market trading higher and we would be looking for it to trade to 10345. Initially cover longs to here as the market is grinding higher, not racing higher, and we can always go back in the market on dips or a break of 10345.
Above 10345 we see 10400 as a viable short term objective.
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