Back
14 Mar 2014
Flash: USD/JPY could move down to test 100 handle - ANZ
FXStreet (Guatemala) - Tim Riddell, Head of Global Markets Research, Asia at ANZ notes the bearishness surrounding the USD/JPY.
Key Quotes
"The break below 101.90 broke the last (short-term) vestiges of a positive USD/JPY profile and highlighted the counter likelihood that a corrective rebound off 100.75 completed on the test of 103.75. USD/JPY is now approaching rising (flag?) support at 101.40. A break of this level could trigger a swift test of 100.00 if not a measured move to 99.00-10."
"A swift rebound back above 102.50 is needed to negate the current downside bias, though, as with EUR/JPY, a break above the recent resistance level of 103.75 is needed to suggest that the perceived underlying trend of JPY can actually become dominant."
Key Quotes
"The break below 101.90 broke the last (short-term) vestiges of a positive USD/JPY profile and highlighted the counter likelihood that a corrective rebound off 100.75 completed on the test of 103.75. USD/JPY is now approaching rising (flag?) support at 101.40. A break of this level could trigger a swift test of 100.00 if not a measured move to 99.00-10."
"A swift rebound back above 102.50 is needed to negate the current downside bias, though, as with EUR/JPY, a break above the recent resistance level of 103.75 is needed to suggest that the perceived underlying trend of JPY can actually become dominant."