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12 Sep 2013
Flash: USD/JPY uptrend in jeopardy – ANZ
FXstreet.com (Lisbon) - The bias remains for further USD/JPY strength – although the push above 100.00 is encouraging, it lacks dynamism and gains from 96.80 appear wedge-like, suggests Tim Riddell, Head of Global Markets Research at ANZ.
Key quotes
“Interim dips ought to hold 99.80 (ideally 100.15) to maintain the profile of measured (but still corrective) moves through 101.55 (July’s high) for a retest of the 103.50-75 area.”
“Failure to hold 99.80 would undermine the near term upside potential, though a prolonged break below 99.35 is really needed to unravel recent gains and suggest that a more frustrating consolidation pattern may develop.”
Key quotes
“Interim dips ought to hold 99.80 (ideally 100.15) to maintain the profile of measured (but still corrective) moves through 101.55 (July’s high) for a retest of the 103.50-75 area.”
“Failure to hold 99.80 would undermine the near term upside potential, though a prolonged break below 99.35 is really needed to unravel recent gains and suggest that a more frustrating consolidation pattern may develop.”