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USD/JPY: can’t rule out a squeeze higher – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Technical studies could allow a rebound to the 115.80/117.30 area, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.

    Key Quotes

    USD/JPY – no change. The market is holding just below the 115.07, 38.2% retracement of the move down from the February peak and we favour failure here”.

    “However the Elliott wave count on the daily chart is pointing to a deeper recovery into the 115.80/117.30 band and we are unable to rule out a deeper corrective rebound at this juncture”.

    “The previous low at 115.97 (20th January) should now act as nearby resistance and the market will stay offered below here”.
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