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19 Feb 2016
USD/JPY: can’t rule out a squeeze higher – Commerzbank
Technical studies could allow a rebound to the 115.80/117.30 area, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“USD/JPY – no change. The market is holding just below the 115.07, 38.2% retracement of the move down from the February peak and we favour failure here”.
“However the Elliott wave count on the daily chart is pointing to a deeper recovery into the 115.80/117.30 band and we are unable to rule out a deeper corrective rebound at this juncture”.
“The previous low at 115.97 (20th January) should now act as nearby resistance and the market will stay offered below here”.
Key Quotes
“USD/JPY – no change. The market is holding just below the 115.07, 38.2% retracement of the move down from the February peak and we favour failure here”.
“However the Elliott wave count on the daily chart is pointing to a deeper recovery into the 115.80/117.30 band and we are unable to rule out a deeper corrective rebound at this juncture”.
“The previous low at 115.97 (20th January) should now act as nearby resistance and the market will stay offered below here”.