SEK/JPY has formed a major low and a close above 11.2793 will confirm it, according to Commerzbank’s Karen Jones.
Key quotes
“The market is approaching the six month resistance line and the 200-day moving average at 11.1420/11.1620. Between these levels and the 11.2793 2018-2020 downtrend the cross is likely to at least short-term stall.”
“The longer-term risk is for further recovery however and above 11.2290 we target the 11.74 December 2019 high.”
“Short-term upside pressure should retain the upper hand while the three month support line and current May low at 10.7660/10.7440 underpin on a daily chart closing basis. Below this are the 10.6120/10.5650 April lows.”
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