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20 Jun 2013
Flash: USD/JPY, recovery of 96.00 triggers 98.00-100.00 - ANZ
FXstreet.com (Barcelona) - The recent fall in USD/JPY before retesting the 97.00 handle on Wednesday was developed within the context of a corrective move, says Tim Riddell Head of Global Markets Research at ANZ.
Riddell's take is the rebound through 96.00 should now trigger a test of the 98.00-100.00 area over coming weeks. Riddell further adds that "although this will likely be seen as part of a consolidation off 103.75, a close above 101.30-60 could signal an early return to JPY weakness." A close below 94.25 would negate the bullish picture and keep downside risks to the fore, Riddell said.
Riddell's take is the rebound through 96.00 should now trigger a test of the 98.00-100.00 area over coming weeks. Riddell further adds that "although this will likely be seen as part of a consolidation off 103.75, a close above 101.30-60 could signal an early return to JPY weakness." A close below 94.25 would negate the bullish picture and keep downside risks to the fore, Riddell said.