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16 Jul 2015
USD/JPY bid above 120.41 – Commerzbank
FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside remains intact above the 120.41 level.
Key Quotes
“USD/JPY we remain bullish. The 120.41 low was the approximate location of the 2015 uptrend and for now we will adopt a positive medium term stance while above there. Dips lower this week held over the 20 day ma at 122.99 and the market remains well placed for further gains”.
“The breach of the downtrend should see the market challenge the 124.46 17th June high than the 125.86 June peak. Intraday charts are suggesting that pullbacks should remain shallow and terminate ahead of 122.40”.
Key Quotes
“USD/JPY we remain bullish. The 120.41 low was the approximate location of the 2015 uptrend and for now we will adopt a positive medium term stance while above there. Dips lower this week held over the 20 day ma at 122.99 and the market remains well placed for further gains”.
“The breach of the downtrend should see the market challenge the 124.46 17th June high than the 125.86 June peak. Intraday charts are suggesting that pullbacks should remain shallow and terminate ahead of 122.40”.