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USD/JPY could deflate to 111.77 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair stays poised for a correction lower that could extend towards the 111.80/75 band.

 

Key Quotes

 

“USD/JPY has recently failed at the 114.38 recent high, the RSI and slow stochastics indicators are more negative and we would allow for a small retracement towards the 200 day ma circa 111.77, there is scope for 110.00. Above 114.50 will see an extension to the 115.51/62, this years highs. Intraday rallies are indicated to terminate circa 113.50/70”.

 

“Key nearby support is the 250 day ma at 109.76 and 55 week ma at 109.33, below here, there is scope for slippage to the 108.13 April low”.

Check the website for more information: https://freshforex.com/analitics/news/all/finnews_1420229.html

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