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USD/JPY bullish above 106.08 – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the bid tone to continue in the pair above the 106.08 level.

Key Quotes

USD/JPY has breached the 12 year downtrend at 108.55 and this has introduced scope to the 110.67 August 2008 high”.

“Directly above here lies the 50% retracement of the entire move down from the 1998 peak at 111.47 and we would allow for some profit taking in this vicinity”.

“Near term dips should remain well supported circa 107.72/106.81 (16th Sept low) and contained by the 106.08 accelerated uptrend”.

“We will retain our immediately bullish view while USD/JPY trades above here”.

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