USDJPY 119.75 – Neutral – Consolidates within a 5-week symmetrical triangle
USDJPY is consolidating within a 5-week symmetrical triangle. Given the weak indicators, scope remains for downside. A break below 118.79 (September 7, 2015 low) near triangle support would confirm a bearish continuation pattern and open the 116.07/115.84 zone (August 24/January 12 lows, 2015) which houses the 12-month rising trendline (from September 24, 2014 low) which may hold the dips. In the meantime, an upside push above 121.22 (September 21, 2015 range high) would suggest range breakout and extend strength towards the 121.84/122.01 resistance area (December 8, 2014/March 9, 2015 highs) beneath the 20 week moving average currently at 122.50.
Outlook:
Intraday: neutral
Daily: neutral
Weekly: bullish
USDJPY is consolidating within a 5-week symmetrical triangle. Given the weak indicators, scope remains for downside. A break below 118.79 (September 7, 2015 low) near triangle support would confirm a bearish continuation pattern and open the 116.07/115.84 zone (August 24/January 12 lows, 2015) which houses the 12-month rising trendline (from September 24, 2014 low) which may hold the dips. In the meantime, an upside push above 121.22 (September 21, 2015 range high) would suggest range breakout and extend strength towards the 121.84/122.01 resistance area (December 8, 2014/March 9, 2015 highs) beneath the 20 week moving average currently at 122.50.
Outlook:
Intraday: neutral
Daily: neutral
Weekly: bullish
