15 Oct 2013
Flash: USD/JPY, triangle breakout to provide preference for one side - JPMorgan
FXstreet.com (Barcelona) - The Yen remains trading with indecision from a mid term view despite having made some good progress in recent days, as to whether to resume the downtrend or launch a broad recovery next, notes Thomas Anthonj, FX Strategist at JPMorgan.
Key Quotes
"No news in the question whether the broader JPY downtrend will be resumed next or whether we are already dealing with a broader JPY recovery without knowing yet."
"The chart of USD/JPY perfectly illustrates this indecisiveness as we are perfectly stuck in the middle of a broader triangle which spans between 99.76 and 95.80 today."
"A triangle breakout would provide a preference for one side which would have to be confirmed via decisive breaks of 76.4 % retracements at 101.39 and at 95.62."
Key Quotes
"No news in the question whether the broader JPY downtrend will be resumed next or whether we are already dealing with a broader JPY recovery without knowing yet."
"The chart of USD/JPY perfectly illustrates this indecisiveness as we are perfectly stuck in the middle of a broader triangle which spans between 99.76 and 95.80 today."
"A triangle breakout would provide a preference for one side which would have to be confirmed via decisive breaks of 76.4 % retracements at 101.39 and at 95.62."