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12 Aug 2013
Flash: USD/JPY looks vulnerable to downside – Commerzbank
FXstreet.com (Edinburgh) - Karen Jones, Head of Currency Strategy at Commerzbank notes that USD/JPY maintained downside pressure last week and starts this week still looking vulnerable on the downside.
Key Quotes
“It will shortly encounter 95.42 (Fibo), then the 94.70 support line. It is possible that this will hold the initial test, but we are not expecting to see a reversal.”
“The market is increasingly looking toppy and we would allow for losses right back to the 93.75/55 area. This is the June low and the 38.2% retracement of the move up from the September 2012 low.”
“We look for intraday rallies to struggle at 97.15, 97.50 and be capped by 98.50/75.”
Key Quotes
“It will shortly encounter 95.42 (Fibo), then the 94.70 support line. It is possible that this will hold the initial test, but we are not expecting to see a reversal.”
“The market is increasingly looking toppy and we would allow for losses right back to the 93.75/55 area. This is the June low and the 38.2% retracement of the move up from the September 2012 low.”
“We look for intraday rallies to struggle at 97.15, 97.50 and be capped by 98.50/75.”