15 Jun 2015
USD/JPY: Downside levels below consolidation phase - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that USD/JPY is downside corrective and sights downside levels post a period of consolidation.
Key Quotes:
"Nearby support lies at 122.04, the March high and this guards120.96 the 55 day ma."
"We notice the rather large divergence on the weekly chart and for now will revert to neutral medium to longer term."
"Intraday rallies are indicated to terminate circa 124.20 Key support is considered to be the 5 month uptrend at 119.73 and while above here we remain bullish."
Key Quotes:
"Nearby support lies at 122.04, the March high and this guards120.96 the 55 day ma."
"We notice the rather large divergence on the weekly chart and for now will revert to neutral medium to longer term."
"Intraday rallies are indicated to terminate circa 124.20 Key support is considered to be the 5 month uptrend at 119.73 and while above here we remain bullish."