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17 Apr 2015
USD/JPY: Risks are to the downside - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted the conditions surrounding USD/JPY.
Key Quotes:
"USD/JPY no change – the market has eroded the 2015 uptrend but is holding over the mid week low at 118.89 and we remain unable to rule out heading back into the range. However near term risks are shifting to the downside and we will now opt to sell the rallies."
"Directly overhead lies the 14 year downtrend at 122.20, we suspect that any upside probes will remain limited. A close below 118.79 would cause the chart picture to deteriorate somewhat towards the 118.33 March 26 low and then the February low at 116.64."
"A close above the 120.84 high charted on the 13th April would be needed to trigger a move to the December and March highs at 121.86/122.04 are to be retested."
Key Quotes:
"USD/JPY no change – the market has eroded the 2015 uptrend but is holding over the mid week low at 118.89 and we remain unable to rule out heading back into the range. However near term risks are shifting to the downside and we will now opt to sell the rallies."
"Directly overhead lies the 14 year downtrend at 122.20, we suspect that any upside probes will remain limited. A close below 118.79 would cause the chart picture to deteriorate somewhat towards the 118.33 March 26 low and then the February low at 116.64."
"A close above the 120.84 high charted on the 13th April would be needed to trigger a move to the December and March highs at 121.86/122.04 are to be retested."