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Forex pairs in this Article » USD/JPY (Barcelona) - The medium term range for USD/JPY remains intact following the reversal from the October lows, according to FX Strategists at JP Morgan Securities, Tohru Sasaki and Junya Tanase.

Key Quotes

"While the consolidation phase continues to develop, the medium term uptrend remains incomplete. Importantly, the reversal from the October low highlights the potential for additional upside given the effective test and hold of the important 96.80/95.80 support zone. This area represents the 76.4% retracement from the August low, the 200-day moving average and the August lows and should be a max for any further weakness."

"As important, with the range appearing mature from a pattern perspective, a bullish shift should be close. In turn, the upside focus is now on the 99.54 triangle trendline and 100.62 September peak. Upside breaks should allow for a closer test of the 101.55 July high, if not an extension to the May peak. Alternately, violations of the 95.80 August low would put the 93.50 June low and low for the medium term range at risk."
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