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Forex Flash: USD/JPY with 55-month MA at 87.23 - Commerzbank

By FXstreet.com,  January 02, 2013, 04:24:00 AM EDT

FXstreet.com (Barcelona) - Commerzbank analysts see the USD/JPY eroding the 86.83/87.13 area (23.6% retracement of the move down from the 2007 peak and the December 2008 low) and the 55-month moving average at 87.23. "We will need to see a close above here to confirm the break higher, near term we would allow for some consolidation", wrote analyst Karen Jones, pointing to 90.00 and 93.32 after closing above 87.23. "We have an accelerated 2 month uptrend at 84.51 today and while above here we will assume that the market remains immediately bid", Jones added.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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