Thursday, June 23, 2011

Commerzbank: Signs of USD/JPY Recovery - 23 June 2011

Commerzbank: Signs of USD/JPY Recovery

The greenback jumped from the 80.00 area yesterday versus Japanese yen breaking the upper border of the weekly trading range at 80.35.
Technical analysts at Commerzbank claim that USD/JPY is showing initial signs of recovery. In their view, the outlook for US dollar is neutral/positive and the pair’s upward move may reach the 81.84/82.31 zone (55- and 200-day MAs) and probably the downtrend from 2007 to 2011 at 83.52. According to the bank, support levels are found at 80.05 and 79.79/57 (61.8% Fibonacci retracement of the advance from March to April and May minimum).

h4 usdjpy 12-15

by FBS Holdinds