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21 Mar 2016
USD/JPY faces initial resistance at 112.97 – Commerzbank
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, spot could attempt a bounce with the initial hurdle at 112.97.
Key Quotes
“USD/JPY last week broke down from the converging range last week and while this is negative we have not yet registered a close below 110.98 – also the daily RSI has not confirmed the new low”.
“We suspect that the market will rebound today, but is likely to meet initial resistance at 112.97 offered by the 20 day ma and remain capped by the short term resistance line at 114.19”.
Key Quotes
“USD/JPY last week broke down from the converging range last week and while this is negative we have not yet registered a close below 110.98 – also the daily RSI has not confirmed the new low”.
“We suspect that the market will rebound today, but is likely to meet initial resistance at 112.97 offered by the 20 day ma and remain capped by the short term resistance line at 114.19”.