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Forex Flash: USD/JPY deteriorated picture allows drop to 96.22 and 95.67/55 – Commerzbank

FXstreet.com (Barcelona) - Commerzbank analysts see the USD/JPY picture deteriorated: “The market is starting to react lower, backing away from 99.70/100.00 (recent high, Fibonacci retracement and psychological resistance). This is tough resistance, and dips lower should find support now at 96.22, 95.67/55”, wrote analyst Karen Jones, pointing to key support at trend and cloud support 94.96/43. As long as this hold the downside, “the market will remain capable of targeting 101.27/67 (the 1999 and 2005 lows)”, she continued, adding another target at 105.50 (61.8% retracement of the move down from the 2007 peak).

Forex: GBP/USD bouncing off 1.5520

The sterling remains trading in a narrow range after the opening bell in London on Monday with upside attempts well contained around 1.5540 and pullbacks finding bids in the vicinity of 1.5520 so far....
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Forex: USD/JPY bouncing to 98.00

After strong early pressure towards 97.36 low, the USD/JPY is engaging in its attempt to recover the 98.00 ground. The attempt on the European opening was capped at 97.97 high and, following some consolidation, the pair is again at its highs and looking for the 98.00 handle.
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