1/18 Tokyo USD/JPY market trading points
＜1/17 Dollar/Yen Market Results＞
Tokyo Range: 114.28-54, NY closed
1/17 Tokyo described as “a day of great significance” where the direction of breaking the ‘split zone’ 111.20＝55 would determine the major trend for this week.
However, the result was a small move exactly within pattern (2).
“(2) Ended with almost the split zone 111.20=55 in a choppy range.”
Expected range: 114.20=55
＜1/18 Tokyo Dollar/Yen Key Points＞ (as of 8:20)
Today in Tokyo, all eyes on whether the breakout above the failed yesterday’s target of the split zone 114.20=60 can be achieved.
The development hinge is whether the weekly point 114.70-75 can be broken upward. Investment view anticipates (1) pattern..
(1) If the breakout above the weekly point 114.70-75 is realized, this week’s trend will lock in a dollar-buying rally aiming for the weekly point zone 115.80=90.
(2) If somehow the breakout above the split zone 114.20=60 occurs but the wall at the weekly point 114.70-75 stops it, the move ends.
Nevertheless, in this case, the breakout would resume from European session onward.
(3) Failure to break above the split zone 114.20=60 results in continued small moves within the split zone
＜1/18 Tokyo Dollar/Yen Analysis Chart＞
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