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Karen Jones, an badyst at Commerzbank, suggests that the USD / JPY parity has reached the 55-day mark at 110.53 and will soon meet the peak of a short-term channel at 110.82.
Key Quotes
"Elliott's wave count continues to indicate that this move is only corrective. We are currently sitting under the 200 day limit and the lowest of October at 111.28 / 41. "
"We remain suspicious of the current rally and have tried short positions. The base of the 108.95 channel keeps the band 107.75 / 50 ".
"Resistance at 111.38 / 41, the lowest of October 26, guards 112.23, the lowest of December 6 and the top of the range at 113.84."
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