Arne Lohmann Rasmussen - Editor & Chief Analyst
Danske Bank via eFXnews
USD/JPY broke above 82 yesterday and reached a new seven-month high at
82.59. However, the recent spike in USD/JPY is beginning to look
relatively stretched according to technical indicators such as RSI
(Relative Strength Index).
Also, our short-term financial models cannot completely explain the recent spike higher and note that the market according to the latest IMM data long USD/JPY positions looks stretched.
All this could indicate that near-term correction could be imminent in USD/JPY. However, we still expect USD/JPY to move higher the next couple of weeks ahead of the December election and the 20 December Bank of Japan meeting. Hence, use any dip below the November 21 low at 82.26 to buy USD/JPY
http://www.efxnews.com/story/15939/buy-usdjpy-dips-below-8226-positions-technicals-look-stretched-danske
Also, our short-term financial models cannot completely explain the recent spike higher and note that the market according to the latest IMM data long USD/JPY positions looks stretched.
All this could indicate that near-term correction could be imminent in USD/JPY. However, we still expect USD/JPY to move higher the next couple of weeks ahead of the December election and the 20 December Bank of Japan meeting. Hence, use any dip below the November 21 low at 82.26 to buy USD/JPY
http://www.efxnews.com/story/15939/buy-usdjpy-dips-below-8226-positions-technicals-look-stretched-danske
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