16 Jul 2013
Flash: USD/JPY with a downside bias - Commerzbank
FXstreet.com (London) - Attention remains to the base of the cloud.
Karen Jones, Chief analyst at Commerzbank noted that in USD/JPY, despite yesterdays rally, the market remains below its 101.60 78.6% retracement and attention remains on the base of the cloud circa 98.15. “It starts this week sandwiched between these two levels. We suspect that overall risk is on the downside. Should the base of the cloud be eroded, it will leave the market under pressure and likely to slide back to 96.75/95.40 en route to the 93.75 recent low”.
Karen Jones, Chief analyst at Commerzbank noted that in USD/JPY, despite yesterdays rally, the market remains below its 101.60 78.6% retracement and attention remains on the base of the cloud circa 98.15. “It starts this week sandwiched between these two levels. We suspect that overall risk is on the downside. Should the base of the cloud be eroded, it will leave the market under pressure and likely to slide back to 96.75/95.40 en route to the 93.75 recent low”.