FXStreet (Barcelona) – Dmytro Bondar, Technical Analyst at RBS, maintains a bullish position on USD/JPY, targeting 128.00 and 130.00 levels.
Key Quotes
“The USD/JPY is still in the process of completing its minor correction after reaching my key long-term target of 124.00. This correction however may end soon, as Ichimoku cloud provides support at 122.00 area, where the 50% Fibonacci retracement lies. Also 20/5/5/3 stochastics is near its oversold region, confirming a correction is about to end. Therefore, I believe these levels provide a good opportunity to re-enter a long USD/JPY position from 122.90 for 128.00, 130.00 and ultimately a major resistance level and the final target from the bullish flag at 135.00. Stop will be a sustained close below 120.00.”
“SUP: 122.10 121.21 120.11 RES: 124.09 125.87 128.75”
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