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30 May 2014
USD/JPY a test of 100.75 still a chance – Commerzbank
FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, there still the likeliness of the pair to re-visit the 100.75 region.
Key Quotes
“USD/JPY is inching slowly lower from the 101.89/102.36 area – this is the mid May high, the 55 day ma and the short term resistance line”.
“We look for this to hold the initial test and provoke a possible retest of the 100.75/76 support – the 2014 low and 55 week ma and we are suspicious longer term that the market has topped at 105.45”.
“In order to alleviate immediate downside pressure a recovery through the 102.36 mid May high is needed”.
Key Quotes
“USD/JPY is inching slowly lower from the 101.89/102.36 area – this is the mid May high, the 55 day ma and the short term resistance line”.
“We look for this to hold the initial test and provoke a possible retest of the 100.75/76 support – the 2014 low and 55 week ma and we are suspicious longer term that the market has topped at 105.45”.
“In order to alleviate immediate downside pressure a recovery through the 102.36 mid May high is needed”.