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28 Aug 2015
USD/JPY: Retest of 118.20 looks likely - SocGen
FXStreet (Bali) - Stéphanie Aymes, Head of Technical Analysis at Societe Generale, sees a retest of 118.20 in USD/JPY as a likely outcome.
Key Quotes
"USD/JPY failed at the multiyear trend resistance at 126 where it formed a double top formation. A retracement has led to a test of March lows (118.20), and currently USD/JPY is rebounding. Daily RSI is testing graphical resistance, suggesting that the rebound is limited and corrective in nature."
"The pair is likely to face stiff resistance at 122, the multi-month trend resistance, and also the 61.8% retracement from the June highs. A retest of 118.20 looks more likely and a definite close below that will extend the retracement towards115.50, the projected target for the pattern."
Key Quotes
"USD/JPY failed at the multiyear trend resistance at 126 where it formed a double top formation. A retracement has led to a test of March lows (118.20), and currently USD/JPY is rebounding. Daily RSI is testing graphical resistance, suggesting that the rebound is limited and corrective in nature."
"The pair is likely to face stiff resistance at 122, the multi-month trend resistance, and also the 61.8% retracement from the June highs. A retest of 118.20 looks more likely and a definite close below that will extend the retracement towards115.50, the projected target for the pattern."