Dollar May Approach 94 Yen With Upward Bias: Technical Analysis
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The dollar may extend gains and touch 94 yen for the first time in more than two years after crossing a key retracement level on the Fibonacci chart, according to JPMorgan Chase & Co.
The greenback is likely to test the range of 93.95 to 94 yen, the 38.2 percent Fibonacci retracement of the currency’s slide from its “cycle peak” in 2007, Niall O’Connor, a technical analyst at JPMorgan Securities, wrote in a research note to clients yesterday. The dollar last month climbed above its 23.6 percent retracement of the June 2007 high of 124.14 to the postwar low of 75.35 set in October 2011, according to data compiled by Bloomberg.