FXstreet.com (Barcelona) - The Dollar has eased after its rally from yesterday low at 95.60 halted ahead of the European session opening around 97.00; the pair hovers now around 96.65.
If the Dollar remains below the Area between 96.30 to 96.70, it could reach levels above 98.00 on medium term, says Carol Harmer, technical analyst at Charmer Charts: USD/JPY has made quite a nice little base pattern after the declines of yesterday and if this can maintain between 96.70 and 96.30 the measured target would be 98.40. Now this shouldn't happen overnight, but keep it in mind. Also the 98.40, measured target ties in nicely with the longer term 50% fib level of 98.56, another thing to keep in mind.
For today, Harmer points out to the 97.10 level to trigger bulls towards 98.00: Today a break of 97.11 sees buyers take the controls and drive this higher for 97.44/47. Initial profit taking may occur at this point. Buyers however will be ready and waiting as soon as 97.50 breaks, wiping sellers aside and leading this higher for 97.87/94. Once more profit taking is expected.
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