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19 Jun 2013
Flash: USD/JPY could face tumble towards key support – UBS
FXstreet.com (New York) - UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's majors and outline the technical positions.
Beginning with the USD/JPY, “The weakness since mid-May is approaching the significant support at 93.57. A closing break below this would be further negative opening 90.43 – resistance is at 96.10, suggesting a bearish intraday outlook.”
As for the GBP/USD, as the bull trend persists any downside will be limited with a strong support at 1.5468. Broader focus is on the strong resistance at 1.5789; a closing break above this would be further positive opening 1.5879. Finally, regarding the USD/CHF, the pair is consolidating to unwind the sharp overextended downside conditions with resistance at 0.9309. Support is at 0.9130 ahead of 0.9022.
Beginning with the USD/JPY, “The weakness since mid-May is approaching the significant support at 93.57. A closing break below this would be further negative opening 90.43 – resistance is at 96.10, suggesting a bearish intraday outlook.”
As for the GBP/USD, as the bull trend persists any downside will be limited with a strong support at 1.5468. Broader focus is on the strong resistance at 1.5789; a closing break above this would be further positive opening 1.5879. Finally, regarding the USD/CHF, the pair is consolidating to unwind the sharp overextended downside conditions with resistance at 0.9309. Support is at 0.9130 ahead of 0.9022.