USD/JPY: The Range Persists
The USD/JPY range persists, notes JPMorgan (NYSE:JPM).
“The 119.30/118.65 zone remains the critical test and should continue to hold to maintain the potential for a deeper short term recovery,” JPM argues.
“A break above the 121.30/80 area is necessary to allow for an extension into the 123/124 zone (C-wave),” JPM projects.
“A failure to hold the 118.65 support would allow for a closer test of the medium term range lows in the 116.00/50 zone,” JPM adds.