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3 Aug 2015
USD/JPY short-term target still at 127.88 – Commerzbank
FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank,
Key Quotes
“USD/JPY towards the end of last week once again baulked ahead of resistance offered by the 124.46/69 17th June high and 78.6% retracement”.
“We noted the TD perfected set up on the intraday charts last week and exited our trades. Dips will ideally hold over the 123.01 27th July low”.
“Failure here would allow 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 towards the end of last week once again baulked ahead of resistance offered by the 124.46/69 17th June high and 78.6% retracement”.
“We noted the TD perfected set up on the intraday charts last week and exited our trades. Dips will ideally hold over the 123.01 27th July low”.
“Failure here would allow 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”.