19 Feb 2015
USD/JPY: Upside targets in range while above 118.48 - CB
FXStreet (Guatemala) - Chief analyst Karen Jones at Commerzbank explained that the USD/JPY continues to hold the 4 month uptrend at 118.33.
Key Quotes:
"The market has recently attempted to break higher from a converging range, but has not sustained the break - but for now we will give the upside the benefit of the doubt while above the 118.48 4 month uptrend on a closing basis. Initial resistance is the 121.86 December high then the 122.45 15 year downtrend."
"The 122.45 level will be our target for now while above 118.48. Below the market the 4 month uptrend guards the 116.15 support line."
"Directly above the market lies the 123.40 major resistance, this is the location of the long term Fibonacci retracement. It is also TD resistance on the weekly chart and we note the 13 count on the monthly chart. This is extremely tough resistance."
Key Quotes:
"The market has recently attempted to break higher from a converging range, but has not sustained the break - but for now we will give the upside the benefit of the doubt while above the 118.48 4 month uptrend on a closing basis. Initial resistance is the 121.86 December high then the 122.45 15 year downtrend."
"The 122.45 level will be our target for now while above 118.48. Below the market the 4 month uptrend guards the 116.15 support line."
"Directly above the market lies the 123.40 major resistance, this is the location of the long term Fibonacci retracement. It is also TD resistance on the weekly chart and we note the 13 count on the monthly chart. This is extremely tough resistance."