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15 May 2014
USD/JPY neutral to bullish – Commerzbank
FXStreet (Edinburgh) - In light of the recent price action, the USD/JPY would keep its consolidative/bullish stance, according to Axel Rudolph, Senior Analyst at Commerzbank.
Key Quotes
“USD/JPY’s bounce off the 5 and 11 month uptrend lines at 101.66/51 took it to the 55 day moving average at 102.34 where it has been rejected this week”.
“It currently looks range bound between 101.43 and 102.36. While the currency pair stays above its April low at 101.32, we consider it to be short term bullish”.
Key Quotes
“USD/JPY’s bounce off the 5 and 11 month uptrend lines at 101.66/51 took it to the 55 day moving average at 102.34 where it has been rejected this week”.
“It currently looks range bound between 101.43 and 102.36. While the currency pair stays above its April low at 101.32, we consider it to be short term bullish”.