18 Jul 2014
USD/JPY consolidation prevails for now – Commerzbank
FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair looks set to consolidate in the next periods.
Key Quotes
“USD/JPY sold off to the 101.10 55 week ma and bounced”.
“The intraday counts are suggesting that this is the end of the downmovefor now”.
“Exit shorts and wait for the next signal. For now the range dominates. USD/JPY remains directly offered below the recent high at 102.27, although key resistance remains the 2014 downtrend at 102.52”.
“Longer term we suspect that the risk is growing for a downside break towards the 2013-2014 uptrend at 100.48”.
Key Quotes
“USD/JPY sold off to the 101.10 55 week ma and bounced”.
“The intraday counts are suggesting that this is the end of the downmovefor now”.
“Exit shorts and wait for the next signal. For now the range dominates. USD/JPY remains directly offered below the recent high at 102.27, although key resistance remains the 2014 downtrend at 102.52”.
“Longer term we suspect that the risk is growing for a downside break towards the 2013-2014 uptrend at 100.48”.