Forex: USD/JPY holds 80.00 ambitions?
Forex pairs in this Article »
USD/JPY
FXstreet.com (San Francisco) - USDJPY managed to gain ground for five straight days last week, climbing well into the 79.50 price zone on the back of rising US bond yields and JPY selling on subdued risk aversion.
Technically speaking, "If the pair crosses $80 levels and sustains it will form the replica or mirror structure of Trapezium A and Triangle A above the Blue horizontal trend line thus the target above $80 be $81.40 and $82," says Navendu Narain, Director of Market Graph in a research note.
On the other hand, Mr. Narain notes that, if USDJPY does extend to the 80.00 handle, a period of consolidation may follow before a fall again to 78 levels and may bottom out at around 77.40.
Price now trades just below the 55-week EMA (79.63), and below key Fibonacci resistance (50%, 75.53/84.17). To the downside, the 100-day EMA at 79.22 may provide support.
Technically speaking, "If the pair crosses $80 levels and sustains it will form the replica or mirror structure of Trapezium A and Triangle A above the Blue horizontal trend line thus the target above $80 be $81.40 and $82," says Navendu Narain, Director of Market Graph in a research note.
On the other hand, Mr. Narain notes that, if USDJPY does extend to the 80.00 handle, a period of consolidation may follow before a fall again to 78 levels and may bottom out at around 77.40.
Price now trades just below the 55-week EMA (79.63), and below key Fibonacci resistance (50%, 75.53/84.17). To the downside, the 100-day EMA at 79.22 may provide support.
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