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May 03 - 05:55 AM

USD/JPY - Targets 2002 Levels; Primary Up-Trend Intact

By Peter Stoneham  —  May 03 - 04:05 AM
  • USD/JPY embarks on potentially a ninth consecutive bull week

  • Long term targets 135.04/20 monthly highs in February and January 2002

  • BoJ yield target defence underpins an overbought USD/JPY nL2N2WQ04F

  • Market trades just off 20-year highs of 131.25: target for the week

  • Has a consolidation look about it but FOMC likely to inject volatility

  • Consolidation phase likely to end this week if Fed ups the rate ante

  • Technically, a bull pattern forming just below a 30DMA Bollinger line

  • Downside trigger 128.95 10DMA: minimum correction 124.48 off 102.60-131.25

    For more click on FXBUZ

USD/JPY weekly candle chart: Click here

Refinitiv IFR Research/Market Commentary


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