Back
10 Dec 2014
USD/JPY sees a corrective pullback – UOB
FXStreet (Barcelona) - According to the Analysts at UOB Group, the sharp fall in USD/JPY yesterday probably signals start of a corrective pull-back.
Key Quotes
“The breach of the trailing-stop at 119.40 indicates that the bullish USD trend that started in late October has ended. The sharp drop yesterday is likely the start of a corrective pull-back phase with an ideal target of 117.20. Expect any short-term rebound to hold below 121.00 but only a break of the recent high at 121.85 would indicate that USD has resumed its uptrend.”
Key Quotes
“The breach of the trailing-stop at 119.40 indicates that the bullish USD trend that started in late October has ended. The sharp drop yesterday is likely the start of a corrective pull-back phase with an ideal target of 117.20. Expect any short-term rebound to hold below 121.00 but only a break of the recent high at 121.85 would indicate that USD has resumed its uptrend.”