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Forex Flash: USD/JPY upside bias remains – Commerzbank

FXstreet.com (Barcelona) - The Japanese yen is intensifying its weakness on Wednesday, posting multi-year lows against its American counterpart and pushing the USD/JPY to levels well above the 99.00 handle.

“The corrective phase is underway and the Elliott wave count on the 60 minute chart is suggesting this is complete. The count on the 240 minute chart is suggesting a 96.90/95.30 retracement prior to the next leg up. This up move in the USD/JPY has been typified by shallow corrections. Conclusion – we will attempt small longs here”, explained Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Forex: GBP/USD testing the 1.5300 level

After a brief fall below the 1.5300 level (1.5293 intraday minimum), the GBP/USD managed to rally back above this barrier during European trading Wednesday. In these moments the cross is negotiating an exchange of 1.5306/08, trading negatively at -0.08%
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Forex: GBP/JPY testing the 152.00 level after Kuroda comments

The GBP/JPY suffered a jolt on the back end of comments from the BoJ, causing the pair to plunge below the 151.70 level during the afternoon of European trading. In recent minutes however, the pair has erased this setback and is testing the 152.00 level currently. At this juncture, the cross is trading positively at +0.14%.
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