USDJPY consolidated after a sharp rally from 105.19 (October 15, 2014 to 121.84 (December 8, 2014).
Strong support lies at 115.55 (December 16 low). This level is also the 38.2 Fibonacci retracement of the 105.19 – 121.84 upleg. Meanwhile, below 115.55 would turn bias back to the downside to target 113.50 (the 50% Fibonacci).
Strong resistance is seen between 120.81 and 121.84 to limit upside and bring reversal.
The long term trend remains bullish as long as the market remains above the Ichimoku cloud. RSI has moved back above 50 on the daily and the monthly chart, giving possibility for a resumption of the upside bias.
January 18, 2017 Stock markets continued to stabilise
German HICP confirmed at 1.7% y/y, as expected, with prices up 1.0% m/m. The sharp acceleration from just 0.7% y/y in November was mainly due to base effects from lower energy prices and the breakdown showed that prices for heating oil jumped 21.9% y/y in December...
January 18, 2017 Pound Sterling soars on PM May's Brexit speech
The British pound posted strong gains yesterday with the Prime Minister Theresa May outlining her vision for Brexit and the parliamentary approval of the Brexit deal...
January 18, 2017 Sterling remains in the spotlight
The Sterling/Dollar exploded into extreme gains on Tuesday with prices clipping above 1.2400 after Prime Minister Theresa Mayâ€™s optimistic Brexit speech signaled that the United Kingdom was seeking a deal which would satisfy both parties...
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.