29 Aug 2013
Flash: What lies ahead of the USD/JPY? – Commerzbank and ANZ
FXstreet.com (Edinburgh) -The Japanese yen is depreciating against its American counterpart on Thursday, lifting the USD/JPY beyond 98.00 the figure as poor data from domestic retail sales disappointed investors and the situation around Syria seems a little bit decompressed.
“USD/JPY has sold off towards and held the initial test of the 96.60/59 2 month support line. While it is possible that we will see the market rebound towards the 99.37 3 month downtrend, we look for this to contain the topside. We are negative short term below here”, argued Karen Jones, Head of FICC Technical Analysis at Commerzbank.
And finally, Tim Riddell, Head of Global Markets Research at ANZ, commented, “Although the longer term profile remains that of buying into weakness, the current test of the 96.75-97.25 area is now critical. If this area holds, a swift rebound above 98.00 is needed to resurrect the battered profile of retesting the recent 103.85 high”.
“USD/JPY has sold off towards and held the initial test of the 96.60/59 2 month support line. While it is possible that we will see the market rebound towards the 99.37 3 month downtrend, we look for this to contain the topside. We are negative short term below here”, argued Karen Jones, Head of FICC Technical Analysis at Commerzbank.
And finally, Tim Riddell, Head of Global Markets Research at ANZ, commented, “Although the longer term profile remains that of buying into weakness, the current test of the 96.75-97.25 area is now critical. If this area holds, a swift rebound above 98.00 is needed to resurrect the battered profile of retesting the recent 103.85 high”.