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29 Jul 2015
USD/JPY points towards 124.46/69 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, has argued the pair could re-test the 124.46/69 resistance band.
Key Quotes
“USD/JPY has recovered off the top of the cloud, and we are looking for a retest of resistance offered by the 124.46/69 17th June high and 78.6% retracement”.
“We remain unable to rule out further slippage towards the base of the daily cloud, which comes in circa 122.18”.
“The 124.69 level is the break up point to the 125.86 June peak. The market is contained higher in a trend channel and this offers resistance this week at 127.88 – this is our short term target”.
Key Quotes
“USD/JPY has recovered off the top of the cloud, and we are looking for a retest of resistance offered by the 124.46/69 17th June high and 78.6% retracement”.
“We remain unable to rule out further slippage towards the base of the daily cloud, which comes in circa 122.18”.
“The 124.69 level is the break up point to the 125.86 June peak. The market is contained higher in a trend channel and this offers resistance this week at 127.88 – this is our short term target”.