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Forex Flash: USD/JPY remains a buy on dips – Commerzbank

The cross has managed to leave behind the key mark of 96.00 on Thursday and trade back around 96.10/15, as the US dollar is picking up pace again.

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the RSI did not confirm the recent high yet, hinting at the likeliness of further retracement. “… however we are longer term bullish and the bull move in USD/JPY has been typified by fairly shallow corrections, so for now we will continue to buy the dip”, recommended the expert.

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Wednesday and Thursday the pound underwent a larger correction, notes the UBS analyst team. "Investors were squeezed out of GBP-short positions leading to remarkable gains for the pound".
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Forex: USD/JPY above 96.00, ahead of Upper House vote

The Japanese yen is trading almost unchanged on Thursday, as the FX community is waiting for the Upper House vote among concerns regarding the approval of Deputy Governor nominee Iwata – considered extremely dovish...
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