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11 Feb 2014
Flash: USD/JPY is a possible bottom - FXStreet
FXStreet (Guatemala) - Ivan Delgado, head of Asian editors at FXStreet explained that following the clean-out of specs short the Yen, price action is giving us some tentative indications about a possible bottom, with higher highs being printed intra-day post NFP.
Key Quotes:
“Further evidence is necessary”.
“As ichimoku readings stand, a breakout of 101.80 or 103.00 should attract new order flow allowing the next directional extension in the pair. There is potentially greater leeway to exploit to the upside, as a break of 103.00 allows for a possible run-up towards 104.70 up to 105.40 trend highs, while on the downside, a break of 101.80 area sees 100.80, that is a 100 pips run, until faced with solid support at 100.80”.
“The impulsive counter-trend moves seen since the top was found in early Jan 2014 suggests sellers are the force with the most conviction unless 103.00 is regained”.
“For Tuesday, especially during Asian hours, mentioned 101.80 - 103.00 should cover any eventuality”.
Key Quotes:
“Further evidence is necessary”.
“As ichimoku readings stand, a breakout of 101.80 or 103.00 should attract new order flow allowing the next directional extension in the pair. There is potentially greater leeway to exploit to the upside, as a break of 103.00 allows for a possible run-up towards 104.70 up to 105.40 trend highs, while on the downside, a break of 101.80 area sees 100.80, that is a 100 pips run, until faced with solid support at 100.80”.
“The impulsive counter-trend moves seen since the top was found in early Jan 2014 suggests sellers are the force with the most conviction unless 103.00 is regained”.
“For Tuesday, especially during Asian hours, mentioned 101.80 - 103.00 should cover any eventuality”.