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USD/JPY: rallies face resistance at 118.15/40 – Commerzbank

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes the pair’s upside could face initial resistance around 118.15/40.

    Key Quotes

    USD/JPY is seeing a near term rebound from the 2014-2016 support line at 116.49 and the 116.15 August 2015 low”.

    “This is a critical band of support for the market and we would allow for this to hold the initial test”.

    “Rallies will find initial resistance circa 118.15/40, the 23.6% retracement and the 13th January high”.
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