Trading in USD/JPY since September has seen selling interest repeatedly fail to continue for more than 3 days in a row, says Max Knudsen at ADS Securities . Against this background the forecast is to be cautious and expect no new momentum until prices break 102.99- 103.54.
1.0738 is the next key level to watch for the Canadian dollar, according to George Davis at RBC Capital Markets, following last year’s break above the 2010 quintuple top at 1.0679. With the current uptrend still in place, the 2010 high of 1.0854 is also a major resistance level to watch.
George Davis, chief technical analyst at RBC Capital Markets, has said that a close of EUR/USD above this year’s high of 1.3829 opens the way for a move to the October 2011 high at 1.4245.
Bill McNamara, technical analyst at Charles Stanley in London, highlights how a drop below the 50-day moving average could see a drop towards 98.6 for USD/JPY.
Walter Zimmermann, technical analyst at ICAP, shows how the upwards dollar index upward trend is set to resume after a slight decline in bullish sentiment since July.