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USD/JPY door open for a test of 116.87 – Commerzbank

FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the current downside in spot could extend towards the 116.87 level.

Key Quotes

USD/JPY is side-lined but also under pressure in a 118.60- 121.76 range. For now we will continue to target the 118.33 March low en route to the 2012-2015 116.87 uptrend”.

“We look for this to hold the downside and provoke longer term recovery”.

“Resistance above last week’s high at 120.57 can be seen along the 200 day moving average at 120.90”.

USD/JPY upside appears capped around 119.60 – OCBC

In the view of Emmanuel Ng, FX Strategist at OCBC Bank, occasional bullish attempts in USD/JPY could face strong resistance at 119.60...
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USDJPY: Downside risks are born again - MUFG

Derek Halpenny, Research Analyst at MUFG, suggests that there are clear downside risks for USD/JPY at present and as the US-Japan 2-year yield spread has fallen sharply and when that is coupled with global equity market declines, there remains a tendency for the yen to advance versus the dollar.
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