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5 Jun 2014
USD/JPY still far from 103.21 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests the pair is unlikely to overcome the 103.21 level in the short term.
Key Quotes
“USD/JPY has a 13 count on the 240 minute chart and TD resistance at 103.00. Directly above here lies the 103.21 2014 resistance line”.
“All this suggests is that we are unlikely to clear this resistance line any time soon”.
“Dips lower should find initial support at 102.30/15 ahead of 101.86. The 200 day ma at 101.46 guards the 100.75/74 key support –the 2014 low and 55 week ma”.
Key Quotes
“USD/JPY has a 13 count on the 240 minute chart and TD resistance at 103.00. Directly above here lies the 103.21 2014 resistance line”.
“All this suggests is that we are unlikely to clear this resistance line any time soon”.
“Dips lower should find initial support at 102.30/15 ahead of 101.86. The 200 day ma at 101.46 guards the 100.75/74 key support –the 2014 low and 55 week ma”.