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USD/JPY: technicals aim for a test of 121/122 – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - Axel Rudolph, Senior Technical Analyst at Commerzbank, believes the pair could attempt a test of the 121.00/122.00 area.

    Key Quotes

    USD/JPY once again tests the 38.2% Fibonacci retracement at 118.88, where it has so far stalled”.

    “Intraday dips are indicated to hold at 117.65/40 and the intraday Elliott wave count is suggesting scope for 121.00/122.00”.

    “Above 119.08, yesterday’s high, would allow for a deeper retracement to 119.78, then the 61.8% retracement of 120.68”.
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