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23 Jun 2015
USD/JPY downside risks - CB
FXStreet (Guatemala) - Despite today's bullish price action, Karen Jones, chief analyst at Commerzbank explained the downside technical conditions surrounding USD/JPY.
Key Quotes:
"USD/JPY last week saw an emphatic rejection from the 124.46 level and attention has reverted to support at 122.04, the March high - this guards 121.34 the 55 day ma."
"We notice the rather large divergence on the weekly chart and for now assume risks have reverted to the downside. Key support is considered to be the 5 month uptrend at 119.96 and while above here we remain longer term bullish."
Key Quotes:
"USD/JPY last week saw an emphatic rejection from the 124.46 level and attention has reverted to support at 122.04, the March high - this guards 121.34 the 55 day ma."
"We notice the rather large divergence on the weekly chart and for now assume risks have reverted to the downside. Key support is considered to be the 5 month uptrend at 119.96 and while above here we remain longer term bullish."