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22 May 2014
USD/JPY bearish below 102.36 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, underlines the need to surpass 102.36 to leave behind the selling mood.
Key Quotes
“USD/JPY has sold off towards and recovered just ahead of the 2014 low at 100.75”.
“However rallies are likely to struggle to regain the 101.60 area and are expected to fail ahead of the 102.36 mid May high”.
“We are suspicious longer term that the market has topped at 105.45. Loss of psychological support at 100.00 would add weight to that view”.
“In order to alleviate immediate downside pressure a recovery through the 102.36 mid May high is needed”.
Key Quotes
“USD/JPY has sold off towards and recovered just ahead of the 2014 low at 100.75”.
“However rallies are likely to struggle to regain the 101.60 area and are expected to fail ahead of the 102.36 mid May high”.
“We are suspicious longer term that the market has topped at 105.45. Loss of psychological support at 100.00 would add weight to that view”.
“In order to alleviate immediate downside pressure a recovery through the 102.36 mid May high is needed”.