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13 May 2015
USD/JPY confined by the range - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that USD/JPY remains within the confines of its range.
Key Quotes:
"The market recently failed just ahead of the 120.82/84 resistance at December 2014 and the April high."
"This reinforces the range. Directly above the market lies the 14 year downtrend at 122.07, we suspect that any upside probes will remain limited."
"A close below the 118.33 March 26 low will be viewed as negative and trigger losses to the February low at 116.64.The risk remains for a downside break."
"A close above the 120.84 high charted on the 13th April would be needed to trigger a move to the December and March highs at 121.86/122.04 are to be retested."
Key Quotes:
"The market recently failed just ahead of the 120.82/84 resistance at December 2014 and the April high."
"This reinforces the range. Directly above the market lies the 14 year downtrend at 122.07, we suspect that any upside probes will remain limited."
"A close below the 118.33 March 26 low will be viewed as negative and trigger losses to the February low at 116.64.The risk remains for a downside break."
"A close above the 120.84 high charted on the 13th April would be needed to trigger a move to the December and March highs at 121.86/122.04 are to be retested."