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26 Jun 2013
Flash: USD/JPY fortified by JPY weakness – ANZ
FXstreet.com (New York) - The USD/JPY rebound to 98.70-75 has occurred in a relatively impulsive manner, suggests Tim Riddell, Head of Global Markets Research at ANZ.
According to Riddell, “This suggests that further gains should form in the near term and so interim dips into the 96.25-50 area should be seen as a buying opportunity for at least a secondary squeeze towards 100.00. A more impulsive rebound could rekindle the background bias for an early return of JPY weakness and a push towards 105.00-106.00. Short-term stops should be placed below 95.25.”
According to Riddell, “This suggests that further gains should form in the near term and so interim dips into the 96.25-50 area should be seen as a buying opportunity for at least a secondary squeeze towards 100.00. A more impulsive rebound could rekindle the background bias for an early return of JPY weakness and a push towards 105.00-106.00. Short-term stops should be placed below 95.25.”