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5 Aug 2013
Flash: USD/JPY sidelined between cloud and resistance - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY starts this week pretty much sidelined between the 101.60 Fibonacci resistance and 97.55 the base of the cloud.
Key Quotes
“Overhead resistance is reinforced by the 100.42 resistance line. We remain biased to a slide back to the base of the cloud.”
“Failure at the base of the cloud will leave the market under pressure and likely to slide back to 96.75/95.40 en route to the 93.75 recent low. It is vulnerable to further losses.”
Key Quotes
“Overhead resistance is reinforced by the 100.42 resistance line. We remain biased to a slide back to the base of the cloud.”
“Failure at the base of the cloud will leave the market under pressure and likely to slide back to 96.75/95.40 en route to the 93.75 recent low. It is vulnerable to further losses.”