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20 May 2015
SEB: USD/JPY breaking higher - eFXnews
FXStreet (Barcelona) - The Technical Strategy Team at SEB Group, use weekly charts to share the technical outlook for USD/JPY, as noted by eFXnews.
Key Quotes
“The break above 120.28 got the buyers attention and the pair has thereafter rallied strongly also breaking above the April top, 120.85. What makes the situation even more interesting is the fact that during the consolidation since last autumn the market (here measured by the CoT statistics) has cut its short yen position to basically zero (but recent weeks cautiously starting to rebuild it). So a break higher will definitely be underpinned by a market that isn’t positioned for it.”
This content has been provided under specific arrangement with eFXnews.
Key Quotes
“The break above 120.28 got the buyers attention and the pair has thereafter rallied strongly also breaking above the April top, 120.85. What makes the situation even more interesting is the fact that during the consolidation since last autumn the market (here measured by the CoT statistics) has cut its short yen position to basically zero (but recent weeks cautiously starting to rebuild it). So a break higher will definitely be underpinned by a market that isn’t positioned for it.”
This content has been provided under specific arrangement with eFXnews.