29 Apr 2016
USD/JPY: 200-day MA should underpin market - Commerzbank
Karen Jones, Head of FICC Technical Analysis Research at Commerzbank AG, shares her technical analysis on USD/JPY, noting that the 200 month moving average at 105.86 should underpin the market at this stage.
Key Quotes
"USD/JPY has collapsed lower, through the 107.63 April low. It is now on the defensive and currently we would allow for slippage to the 106.63 38.2% Fibonacci retracement of the move up from 2012 and the 200 month moving average at 105.86 (the 200 week ma at 105.10). This is key support and we continue to look for this to underpin the market. Intraday rallies are currently indicated to terminate circa 108.80."
Key Quotes
"USD/JPY has collapsed lower, through the 107.63 April low. It is now on the defensive and currently we would allow for slippage to the 106.63 38.2% Fibonacci retracement of the move up from 2012 and the 200 month moving average at 105.86 (the 200 week ma at 105.10). This is key support and we continue to look for this to underpin the market. Intraday rallies are currently indicated to terminate circa 108.80."