USDJPY Bull Extension Threat For Key Long Term Target At 117.95
Steve Miley | Nov 23, 2014 02:56AM ET
A high level consolidation Tuesday, just below the Monday new recovery high.
The Monday push through 117.00 reinforced the rebound from support at 114.89 last week (ahead of a firm foundation at 113.85).
In addition, the Monday dip held above the 115.31 prop to maintain upside pressures this week and we see bullish extension threat for our next upside Fibo target at 117.45
Above here targets a key 2007 monthly high, 117.95 and for Q4 maybe even the long term retrace target at 120.10 just above a key option/ psychological barrier at 120.00.
Momentum: The 8-day RSI, short-term momentum is positive, but OB, but still has scope to go higher this week.
What Changes This? Below 115.95 eases bull risks; through 115.31 signals a neutral tone, only shifting negative below 114.89.
For Today: We see an upside bias for 117.06; break here aims for 117.45. But below 116.34 opens risk down to 116.05 and maybe 115.47.
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