8 Aug 2013
Flash: USD/JPY is sharply lower - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY has sold off sharply and looks set to extend losses to 95.42 (Fibo) then 94.66 support line.
Key Quotes
“The market is increasingly looking toppy and we would allow for losses right back to the 93.75/55.”
“This is the June low and the 38.2% retracement of the move up from the September 2012 low.”
“We look for intraday rallies to struggle at 97.45/58, the July low and be capped by 98.50/75. Key resistance is the 100.27 resistance line and 101.57/60 July peak and Fibo”
Key Quotes
“The market is increasingly looking toppy and we would allow for losses right back to the 93.75/55.”
“This is the June low and the 38.2% retracement of the move up from the September 2012 low.”
“We look for intraday rallies to struggle at 97.45/58, the July low and be capped by 98.50/75. Key resistance is the 100.27 resistance line and 101.57/60 July peak and Fibo”