13 Jul 2015
USD/JPY bullish above 120.41 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair’s perspective remains positive while above the 120.41 level.
Key Quotes
“USD/JPY saw an aggressive rebound on Friday – but it was not quite enough to take out the 6 week downtrend at 122.97 today”.
“However following such a directional move on Friday this must now be exposed and it looks like the market based last week at 120.41”.
“This is the approximate location of the 2015 uptrend and for now we will adopt a positive medium term stance while above there”.
“Overhead the market has a resistance line at 122.97 and a close above here should see the market challenge the 124.46 17th June high than the 125.86 June peak”.
Key Quotes
“USD/JPY saw an aggressive rebound on Friday – but it was not quite enough to take out the 6 week downtrend at 122.97 today”.
“However following such a directional move on Friday this must now be exposed and it looks like the market based last week at 120.41”.
“This is the approximate location of the 2015 uptrend and for now we will adopt a positive medium term stance while above there”.
“Overhead the market has a resistance line at 122.97 and a close above here should see the market challenge the 124.46 17th June high than the 125.86 June peak”.