Back
10 Sep 2013
Flash: Increased probability Yen resumed broader downtrend - JPMorgan
FXstreet.com (Barcelona) - The Japanese Yen has turned into a mixed bag from a technical standpoint, with an increased risk of having resumed its downtrend, notes Thomas Anthonj, FX Strategist at JP Morgan Securities.
Key Quotes
"The picture for the JPY has particularly changed in USD/JPY and in GBP/JPY where the latest advances have increased the probability of having resumed the broader uptrends."
"But despite the recent gains the start window for an intermediate JPY recovery hasn't closed completely, which remains open as long as key-Fib-resistance between 100.185 and 101.39 (int. 76.4 % on 2 scales) in USD/JPY band the last tops at 156.77 in GBP/JPY and at 132.45/75 in EUR/JPY are not taken out."
"Particularly EUR/JPY looks vulnerable but like in the other pairs it would take breaks below daily trend line support at 129.31, at 151.80 (GBP/JPY) and at 96.80 (USD/JPY) to potentially trigger an intermediate JPY recovery.
Key Quotes
"The picture for the JPY has particularly changed in USD/JPY and in GBP/JPY where the latest advances have increased the probability of having resumed the broader uptrends."
"But despite the recent gains the start window for an intermediate JPY recovery hasn't closed completely, which remains open as long as key-Fib-resistance between 100.185 and 101.39 (int. 76.4 % on 2 scales) in USD/JPY band the last tops at 156.77 in GBP/JPY and at 132.45/75 in EUR/JPY are not taken out."
"Particularly EUR/JPY looks vulnerable but like in the other pairs it would take breaks below daily trend line support at 129.31, at 151.80 (GBP/JPY) and at 96.80 (USD/JPY) to potentially trigger an intermediate JPY recovery.