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9 Apr 2018
USD/JPY could re-visit 107.90/95 – Commerzbank
The recovery in the pair could extend to the 107.90/95 band, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“USD/JPY is probing the base of its cloud at 107.44, which is currently holding. The intraday Elliott wave counts remain neutral and we will attempt to buy the dips. We look for a recovery to the 38.2% retracement at 107.90/95, there is scope for the 50% retracement at 108.98. Dips lower will find initial support at the 106.25 20 day ma and the 105.24 2nd March low”.
“Below 104.56 would introduce scope to 103.22 then 100.69 (Fib retracements). This is not favoured”.