SEB: USD/JPY eyeing 119.07? – eFXnews

FXStreet (Barcelona) - The eFXnews Team notes SEB views that the recent USD/JPY upmove would have been a part of a correction and sellers might be eyeing 119.07 and below levels.

Key Quotes

“The move up from a late Mar low of 118.33 looks increasingly correctional by the day and notable losses yesterday contributes to this.”

“Sellers see this and use the rebound towards yesterday's mid-body point in the high-119s and initiate another drop from there - then with eyes on yesterday's low of 119.07 and the short-term 'B-wave low' at 118.71.”

“A bearish looking session close below the low end of the 'Cloud' (118.95) would add weight.”

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