25 Jun 2013
Flash: USD/JPY stalling – Commerzbank
FXstreet.com (London) - Karen Jones, analyst at Commerzbank said that USD/JPY appears to be stalling just ahead of the 55 day ma at 99.12.
She continues to view near term strength as corrective only and favour a retest of 93.58 Fibonacci retracement. She said failure at 93.58 is expected to trigger losses to the 50% retracement at 90.43. There is conflicting evidence on the intraday charts and her conviction is low at his point. She feels that only an unexpected close above the 55 day ma would neutralise their outlook and imply another test of the 103.74 May high.
She continues to view near term strength as corrective only and favour a retest of 93.58 Fibonacci retracement. She said failure at 93.58 is expected to trigger losses to the 50% retracement at 90.43. There is conflicting evidence on the intraday charts and her conviction is low at his point. She feels that only an unexpected close above the 55 day ma would neutralise their outlook and imply another test of the 103.74 May high.