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12 Mar 2014
Flash: USD/JPY pressure short term support - UOB Group
FXStreet (Barcelona) - Quek Ser Leang, Market Strategist at UOB Group notes that the USD/JPY momentum indicators continue to deteriorate and the overnight down-move is currently pressuring the strong short-term support at 102.80.
Key Quotes
“A clear break below 102.80 would suggest that the recent high at 103.77 could mark the end of the current bullish phase but confirmation of a mid-term top is only upon a break of the key support at 102.10.”
“In the meanwhile, the short-term downside risk is alleviated only with a move back above 103.35/40."
Key Quotes
“A clear break below 102.80 would suggest that the recent high at 103.77 could mark the end of the current bullish phase but confirmation of a mid-term top is only upon a break of the key support at 102.10.”
“In the meanwhile, the short-term downside risk is alleviated only with a move back above 103.35/40."