FXstreet.com (New York) – Tim Riddell, Head of Global Markets Research at ANZ analyzes the short-term outlook of the USD/JPY.
“The inability to sustain levels above 98.50 has undermined the previously favored profile for a series of rebounds, though corrective, to retest 103.85.”
“Although the longer-term profile remains that of buying into weakness, the current test of the 96.75-97.25 area is now critical. If this area holds, a swift rebound above 99.00 is needed to resurrect the battered profile of retesting the recent 103.85 high.”
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