FXStreet (Barcelona) – According to the Research Team at AceTrader, USD/JPY requires a move above 125.07 to regain bullish potential towards 125.74.
Key Quotes
“Dollar’s stronger retreat from a fresh 12-1/2 year peak at 125.07 to 123.75 on Tuesday signals long-term uptrend has made a temporary top there and a few days of choppy trading with mild downside bias would be seen.”
“Below 123.75 would bring stronger retracement to 123.50/61 support area and then 123.33 (previous resistance) but reckon support at 122.78 would remain intact.”
“Above 125.07 would revive bullishness and extend uptrend from 2011 record low at 75.32 towards 125.74 (2002 Dec top).”
(Market News Provided by FXstreet)