Yen 13-Year Bull-Run Fibonacci Stop Seen at 120: Market Reversal
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The yen’s steepest drop in almost six years is set to stall at 120 per dollar, trading patterns suggest, which would be welcome news for Japanese officials bemoaning the pace of the currency’s decline.
“We are looking for consolidation or a potential pullback at 120,” James Lim, a Singapore-based analyst at Credit Suisse Group AG, said today by phone. “We’re looking at 115.50. That’s our pullback target. We look for this to hold before the continuation of the uptrend in dollar-yen.”