-------- Forwarded Message --------
Subject: USD/JPY: Time To Buy ?
Date: Wed, 20 Jan 2016 18:57:17 +0530
From: Asis Ghosh <asis...@gmail.com>
Reply-To: asis...@gmail.com
*CMP: 116.55*
*
* *Buy either above 116.75 or in dips around 116-115:*
*
* *TGT: 118-121-124-126 (1-3M)*
*
* *TSL<114*
Note: Consecutive closing below 114 for any reason, technically USD/JPY
may fall up to 110-107 in the near term (although its unthinkable right
now as BOJ will not let it fall so much).
Its all started on last Friday, when Kuroda somewhat sounded like a
dovish and commented surprisingly that further QQE may be damaging for
Japanese economy. Consequently JPY soared and the follow up China/oil
woes and severe equity market out flows firmed up JPY further as smart
money took the cover of safety of JPY.
But in reality, BOJ will not let the JPY so strong as it will further
undermine their years long QQE effort and a relatively stronger Yen
could hurt Japan's export edge, which will further push the country
towards recession and stagflation/deflation.
It seems that now BOJ is coming out of "sleep" and they are "watching"
FX market quite closely.
Be it verbal intervention or real one, USD/JPY bounced back along with
"risk" trade.
Technically, sustain below 118, exaggerated the selling of USD/JPY and
the pair fall below 116.
Now looking at the chart, 116-114 is a strong support zone and if it
does not close below 114, then expect bounce back to wards 118-121 and
sustaining above that it may gradually move around 124 zone around March'16.
Again, the current global turmoil in financial world including China/Oil
woes, Fed may not prefer to hike again in March'16, which may push
USDJPY towards another key resistance level of 126 by March'16 on the
back of "risk on" trade.
*Analytical Charts:*
<http://2.bp.blogspot.com/-9Pbow8aVO4E/Vp-HcW4DouI/AAAAAAAAFwo/91pjbHsOA1w/s1600/USDJPY-20-01-2016.png>
<http://3.bp.blogspot.com/-nQELylmKP4I/Vp-HgRZ44eI/AAAAAAAAFww/Jng5jokaphc/s1600/USDJPY-FIBB-19-01-2016.png>
<http://3.bp.blogspot.com/-DagD_hvRSQg/Vp-HjC0Zi9I/AAAAAAAAFw4/hVq6Q2p5Nuc/s1600/USDJPY-WK-20-01-2016.png>
<http://1.bp.blogspot.com/-LWYT070nX8o/Vp-Hl8MvoWI/AAAAAAAAFxA/sqpxpHNV-mg/s1600/USDJPY-TL-20-01-2016.png>
<http://1.bp.blogspot.com/-VMmbWpQ1bQM/Vp-HrdfBhJI/AAAAAAAAFxI/w2heWOB6U7U/s1600/USDJPY-PATTERN-20-01-2016.png>
<http://2.bp.blogspot.com/-wQCchn1hOqs/Vp-HuLK4upI/AAAAAAAAFxQ/wDmNSGWfqYI/s1600/USDJPY-PATTERN-MT-20-01-2016.png>
--
Thanks & Regards,
Asis Ghosh
(asisghosh.blogspot.com)
NCFM-TA Certified
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