2/24 Tokyo dollar-yen buy/sell points
＜Results for 2/22-2/23 USD/JPY＞
2/22 Tokyo range: 114.52=79, 2/22 NY range: 114.88=115.24
2/23 NY range: 114.93=115.20
The 2/22 Tokyo result set the tone for these two days.
In other words, this week’s development hinges on whether this “monthly/weekly point zone” at 114.60=70 is broken below or supported.
And on 2/22 Tokyo attacked from the open, but since it did not fully break, it found support and began rising from Europe.
In 2/22 NY, it rose to a high of @115.24.
In 2/23 NY, the daily chart at 115.10-15 remained a strong resistance, activity was thin, but finally it fell to adjust positions and closed at @115.00.
＜2/24 Tokyo USD/JPY Points＞ (as of 8:20)
From today 2/24 to tomorrow’s Tokyo session, the “bottom zone” and the “ceiling point” will narrow, so which side breaks will determine the major trend for next week—this is an important two days.
2/24 Tokyo’s bottom zone is 114.45=70, and the ceiling zone is 115.20=40.
Therefore, the expected developments are (1) breakout from the bottom zone first, (2) breakout from the ceiling first, or (3) small moves within the zone in between.
(1) Ideally, a breakout from the bottom zone leading to support and a rebound trend
Expected range: 114.60=115.00
(2) Unable to break either side, choppy
Expected range: 114.80=115.10
(3) From the congestion, eventually a “test of the ceiling” occurs. However, the probability is low.
Expected range: 115.00=115.40
＜2/24 Tokyo USD/JPY Analysis Chart＞
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