USD/JPY - No Need To Abandon The Abe Train Yet - 7/13/2016
USD/JPY has taken a breather at 105 and rightfully so. When something goes too far too fast, it is natural stop at good support / resistance. Trip from 100 to 105 was nonstop and looking at the things, there is no need to abandon the northbound train. What kind of stimulus is exactly coming and in what size from BOJ is still not well known but one thing is sure that Abe and BOJ is going to get this last chance. They are desperate and determined. So this move is more likely not over yet.
Above 105, next stop is 107.50 then 110 and if it really wants to fly then 115. Of course, 115 looks too optimistic right now but as banks and analysts are always late to the party, they will clamor about 120 as soon as USD/JPY reaches to 110. So even if 120 is too farfetched, 115 is within reach. Gains might come hard fought and if equity market feel dizzy from lofty level then it can throw a wrench at Abe-work but still the bias is upward.
We are long from 102 and jobbing near 105 with upward bias. Looking forward to add near 103.50 , 103. 100 is the ultimate support and we should not go near that level if JPY want to float.
Above 105, next stop is 107.50 then 110 and if it really wants to fly then 115. Of course, 115 looks too optimistic right now but as banks and analysts are always late to the party, they will clamor about 120 as soon as USD/JPY reaches to 110. So even if 120 is too farfetched, 115 is within reach. Gains might come hard fought and if equity market feel dizzy from lofty level then it can throw a wrench at Abe-work but still the bias is upward.
We are long from 102 and jobbing near 105 with upward bias. Looking forward to add near 103.50 , 103. 100 is the ultimate support and we should not go near that level if JPY want to float.
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