6 Nov 2013
Flash: USD/JPY contained in a large contracting range for 6 months – Commerzbank
FXstreet.com (Athens) – Karen Jones Head Technical Analyst at Commerzbank notes that USD/JPY remains completely sidelined at present.
Key Quotes
“Below the market lies the 4 month support line at 97.20, which guards the current Octoberlow at 96.55 and the six month support line at 96.11. Above there is the 6 month resistance line at 99.06 and the 4 month resistance line at 99.84.”
“The market has been contained in a large contracting range for the past 6 months and currently we have no real indication that the market is ready to break out of this range. Rallies will find resistance at 99.01/06 a recent high and Fibonacci retracement.”
Key Quotes
“Below the market lies the 4 month support line at 97.20, which guards the current Octoberlow at 96.55 and the six month support line at 96.11. Above there is the 6 month resistance line at 99.06 and the 4 month resistance line at 99.84.”
“The market has been contained in a large contracting range for the past 6 months and currently we have no real indication that the market is ready to break out of this range. Rallies will find resistance at 99.01/06 a recent high and Fibonacci retracement.”