12 Nov 2013
USD/JPY explodes higher, but hits projected target at 99.50 and meets some selling
FXstreet.com (Barcelona) - USD/JPY may have hit a ceiling at 99.50 after going vertical short-term. Elliott Wavers had 99.50 pegged as an upside target based on the wave count on the 60-minute chart.
USD/JPY traders working off of the Nikkei – so anything’s possible despite technicals
USD/JPY traders saw the cross go vertical and saw the shorts waving the surrender flag. As soon as the 99.50 level was tested, though, profits started to be taken by happy longs. More evidence is needed to call a short-term top, though.
Technical outlook for USD/JPY
Technicians say USD/JPY may possibly have topped out at 99.50 (based on Elliott Wave projections). A pullback – if the top was made at that level – should take the cross dow to at least 98.90 and possibly down to 98.20 in the very short-term. Above 99.50, “par” or 100 comes into play.
USD/JPY traders working off of the Nikkei – so anything’s possible despite technicals
USD/JPY traders saw the cross go vertical and saw the shorts waving the surrender flag. As soon as the 99.50 level was tested, though, profits started to be taken by happy longs. More evidence is needed to call a short-term top, though.
Technical outlook for USD/JPY
Technicians say USD/JPY may possibly have topped out at 99.50 (based on Elliott Wave projections). A pullback – if the top was made at that level – should take the cross dow to at least 98.90 and possibly down to 98.20 in the very short-term. Above 99.50, “par” or 100 comes into play.