USD/JPY advances bullish trend but due for correction
James Chen May 15, 2013 5:22 PM
<p>May 15, 2013 – USD/JPY (daily chart) has continued its advance to approach a major upside resistance target around 103.00. This occurs after the pivotal […]</p>
May 15, 2013 – USD/JPY (daily chart) has continued its advance to approach a major upside resistance target around 103.00. This occurs after the pivotal breakout above 100.00 that occurred late last week, after which the pair has hardly paused in its almost relentless climb towards higher multi-year highs. While the bullish trend bias is currently clear and sustaining, USD/JPY should be due for another downside correction before potentially reaching back up once again towards even loftier levels. The most well-defined downside support objective for this potential correction resides around the key 100.00 level, as prior resistance may well become future support. Further upside targets on a continuation of the entrenched bullish trend reside around 105.00 and then 108.00.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.