11 Aug 2015
USD/JPY bullish near term – Commerzbank
FXStreet (Edinburgh) - In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair keeps its bullish stance in the very near term.
Key Quotes
“Last week’s rally in USD/JPY took it to 125.07, to exactly the 125.07 June 2 high. Below this level it consolidated for a couple of days but as long as the August 7 low at 124.11 underpins, the recent high at 125.07 should be overcome”.
“Once bettered, the June peak at 125.86 will be back in the picture, followed by the May 1997 high at 127.48”.
“We will retain our weekly bullish forecast while the 123.01 late July low underpins. Above it the accelerated uptrend line can be seen at 124.32”.
Key Quotes
“Last week’s rally in USD/JPY took it to 125.07, to exactly the 125.07 June 2 high. Below this level it consolidated for a couple of days but as long as the August 7 low at 124.11 underpins, the recent high at 125.07 should be overcome”.
“Once bettered, the June peak at 125.86 will be back in the picture, followed by the May 1997 high at 127.48”.
“We will retain our weekly bullish forecast while the 123.01 late July low underpins. Above it the accelerated uptrend line can be seen at 124.32”.