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10 Dec 2014
SEB: Another sub-118 test in the offing for USD/JPY – eFXnews
FXStreet (Barcelona) - The eFXnews Team notes SEB feels a downside risk for another attempt towards 118 persists for the USD/JPY pair.
Key Quotes
“The near-term move lower is getting some traction. Despite the intraday overstretch/short-term 'Kijun-Sen' rejection yesterday the downside risk for another 118-attempt persists. A move below this local support would lower the bar to be a late Nov reaction low of 117.24. Resistance pockets are located at 119.92 & 121.01. Current intraday stretches are located at 118.60 & 120.40.”
Key Quotes
“The near-term move lower is getting some traction. Despite the intraday overstretch/short-term 'Kijun-Sen' rejection yesterday the downside risk for another 118-attempt persists. A move below this local support would lower the bar to be a late Nov reaction low of 117.24. Resistance pockets are located at 119.92 & 121.01. Current intraday stretches are located at 118.60 & 120.40.”