Danske Research Team
Danske Bank A/S
- Strategy summary – USD/JPY to edge higher towards 126.25 and then 132.20 longerterm. Support at 115.85/57.
The longer-term trend and structure remain firmly positive, and a break above 120.48-82 would confirm the start of the next major up leg. MACD supports/confirms the latest upswing, and a break above 120.82 would open up the 8 December multi-year high at 121.86 first. A breach of this level would then pivot a challenge of the November 2007 peak at 124.14. A move above this level would then open up the November 2002 lower ceiling at 125.73. The continuation structure, however, projects gains beyond here to the 126.25 region. An equality target/objective then rests at 132.20.
Immediate supports lie at 118.11/116.64. A loss of the major base at 115.85/57 would disrupt the longer-term movement.
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