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USD/JPY door open for a test of 116.15 – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s decline could test the 116.47/116.15 band.

    Key Quotes

    USD/JPY remains under pressure and looks likely to extend losses towards the 116.47 support line and the 116.15 August low”.

    “The outlook is looking increasingly negative short term and at this stage we are unable to rule out losses back to the 114.00/113.95 zone, this the 23.6% retracement of the entire move up from the 2011 low”.

    “Please note the base of the weekly cloud lies at 113.52”.
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