29 Aug 2013
Flash: USD/JPY don’t miss buying opportunities – ANZ
FXstreet.com (New York) - Tim Riddell, Head of Global Markets Research at ANZ analyzes the short-term outlook of the USD/JPY.
Key quotes
“The inability to sustain levels above 98.50 has undermined the previously favored profile for a series of rebounds, though corrective, to retest 103.85.”
“Although the longer-term profile remains that of buying into weakness, the current test of the 96.75-97.25 area is now critical. If this area holds, a swift rebound above 99.00 is needed to resurrect the battered profile of retesting the recent 103.85 high.”
Key quotes
“The inability to sustain levels above 98.50 has undermined the previously favored profile for a series of rebounds, though corrective, to retest 103.85.”
“Although the longer-term profile remains that of buying into weakness, the current test of the 96.75-97.25 area is now critical. If this area holds, a swift rebound above 99.00 is needed to resurrect the battered profile of retesting the recent 103.85 high.”