(22 MAY 2017)USD / JPY:Short-squeeze

(22 MAY 2017)USD / JPY:Short-squeeze

22 May 2017, 14:00
Jiming Huang
0
27

jpy

Short-squeeze.

• USD/JPY has exited the symmetrical triangle 

and keeps pushing lower despite ongoing 

bullish consolidation. Hourly support is given at 

110.24 (18/05/2017 low). Stronger support is 

located at 108.13 (17/04/2017 low). Other key 

supports lie at a distant 106.04 (11/11/2016 

low).The road is now wide-open for further 

decline. 

• We favor a long-term bearish bias. Support is 

now given at 96.57 (10/08/2013 low). A gradual 

rise towards the major resistance at 135.15 

(01/02/2002 high) seems absolutely unlikely. 

Expected to decline further support at 93.79 

(13/06/2013 low).

(By Yann Quelenn)

Share it with friends: