11 Jun 2013
Flash: USD/JPY pullbacks an opportunity to rebuild longs - ANZ
FXstreet.com (Barcelona) - By regaining levels above 97.00, the USD/JPY has reduced the risks of any deeper retracements, says Tim Riddell, Head of global markets research at ANZ.
In view of Riddell, the style of the rebounds suggests "interim pullbacks should now provide an opportunity to rebuild JPY shorts."
Should the uptrend resume, the 100-103 area - 50% of the range since 2007 and 38.2% of the range of the past 20 years- is still expected as a key resistance once again, Riddell comments.
The ANZ strategist adds that any further decline "should be seen an opportunity to reposition for further JPY weakness through the coming year, rather than lead to a period of more pronounced consolidation."
In view of Riddell, the style of the rebounds suggests "interim pullbacks should now provide an opportunity to rebuild JPY shorts."
Should the uptrend resume, the 100-103 area - 50% of the range since 2007 and 38.2% of the range of the past 20 years- is still expected as a key resistance once again, Riddell comments.
The ANZ strategist adds that any further decline "should be seen an opportunity to reposition for further JPY weakness through the coming year, rather than lead to a period of more pronounced consolidation."