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USD/JPY remains offered below 120.41 – Commerzbank

FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the bearish tone remains intact below the 120.41 level.

USD/JPY eroded the 6 week uptrend at 119.36 last week and headed straight back into the range”.

“This suggests a reluctance to break down. However it has not done enough to negate the downside and for now we will continue to target the 118.33 March low enroute to the 2012-2015 116.62 uptrend. We look for this to hold the downside and provoke recovery”.

“The market will find initial resistance at 120.41 and tough resistance at 121.76/79, the late August high and the 61.8% retracement. While capped here a negative bias remains entrenched”.

AUD/USD clears overhead resistance

AUD/USD clears overhead resistance
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JPY: All roads leading towards BoJ monetary policy - MUFG

Lee Hardman, Currency Analyst at MUFG, suggests that the yen has weakened modestly in the Asian trading as investor risk sentiment has improved initially as dampened Fed rate hike expectations have for now outweighed the negative implications for the global growth outlook from the weaker payrolls report and in addition to that, Yen weakness also reflects some speculation that the BoJ could ease monetary policy further at their policy meeting this week.
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