20 Aug 2013
Flash: USD/JPY remains under pressure while below the 98.66 level - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that last week USD/JPY shot up to 98.66 before slipping again.
Key Quotes:
“A continued slide should be seen in the days to come while this high caps. As long as it does, the 78.6% Fibonacci retracement of the June-to-July rise at 95.42 will remain in focus.”
“Below it lies the five month support line at 94.84. Over the coming weeks we allow for losses back to the 94.05/93.75 support area. This is where the June low and the 200 day moving average are.”
“Should 98.66 be bettered, however, we will have to allow for the current August high at 99.95 to be retested, along with the 2013 resistance line at 99.79. While these levels cap, recent downside pressure should be maintained.”
Key Quotes:
“A continued slide should be seen in the days to come while this high caps. As long as it does, the 78.6% Fibonacci retracement of the June-to-July rise at 95.42 will remain in focus.”
“Below it lies the five month support line at 94.84. Over the coming weeks we allow for losses back to the 94.05/93.75 support area. This is where the June low and the 200 day moving average are.”
“Should 98.66 be bettered, however, we will have to allow for the current August high at 99.95 to be retested, along with the 2013 resistance line at 99.79. While these levels cap, recent downside pressure should be maintained.”