5 Aug 2015
Buy the dips in USD/JPY – Commerzbank
FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, pullbacks in the pair could be seen as buying opportunities.
Key Quotes
“USD/JPY continues to sit just below the resistance offered by the 124.46/69 17th June high and 78.6% retracement”.
“We remain positively biased and would continue a buy the dips strategy, this will ideally hold over the 123.01 27th July low. Failure here would allow further slippage towards the base of the daily cloud, which comes in circa 122.18”.
“The 124.69 level is the break up point to the 125.86 June peak. The market is contained higher in a trend channel and this offers resistance this week at 127.88 – this is our short term target”.
Key Quotes
“USD/JPY continues to sit just below the resistance offered by the 124.46/69 17th June high and 78.6% retracement”.
“We remain positively biased and would continue a buy the dips strategy, this will ideally hold over the 123.01 27th July low. Failure here would allow further slippage towards the base of the daily cloud, which comes in circa 122.18”.
“The 124.69 level is the break up point to the 125.86 June peak. The market is contained higher in a trend channel and this offers resistance this week at 127.88 – this is our short term target”.