Updated Apr 4, 2011 7:45:00 PM
On the ascent from the 81.00 level, USD/JPY has been supported by the 55-hr sma. Upside continuations have been defined by short term countercyclical consolidation patterns with bounces off the 55-hr sma alongside a concurrent MACD bullish crossover (see chart below).The measured move objective for the wedge break projects to the key 84.75 resistance zone while higher may see a test of the primary trendline around 85.50. Below the 55-hr sma would invalidate any short term technical bias.
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Daniel Hwang | Senior Currency Strategist
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