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22 Apr 2014
USD/JPY suggests upside to 104.20 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees potential for a bull run to levels above the 104.00 handle.
Key Quotes
“USD/JPY continues to recover off the base of the channel and has now bounced enough to stop out our shorts and suggest recovery to the top of the channel at 104.20”.
“It will need to see some follow through buying in the European time zone to confirm and the top of the cloud on the daily chart lies at 103.09 and is likely to offer some resistance”.
“Should no follow through buying be seen, we will assume a false break has been seen and scope remains for losses to the uptrend at 101.12, the 200 day ma at 100.87 and the 2014 low at 100.75”.
Key Quotes
“USD/JPY continues to recover off the base of the channel and has now bounced enough to stop out our shorts and suggest recovery to the top of the channel at 104.20”.
“It will need to see some follow through buying in the European time zone to confirm and the top of the cloud on the daily chart lies at 103.09 and is likely to offer some resistance”.
“Should no follow through buying be seen, we will assume a false break has been seen and scope remains for losses to the uptrend at 101.12, the 200 day ma at 100.87 and the 2014 low at 100.75”.