4 Dec 2013
Flash: USD/JPY stalling ahead of the 103.74 2013 high - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank comments that she has a TD perfected set up on the daily USD/JPY chart and this coupled with the 103.74 2013 high increases the risk of a retracement.
Key Quotes
“We note the Elliott wave count on the 240 minute RSI suggests a retracement back to 101.15/100.50 remains viable and we would allow for some weakness ahead of gains to the 103.74 2013 high.
“Longer term,. the market has recently broken up from a large triangle points to a longer term target of 108.86. We have an additional target en
route at 105.48, the 61.8% retracement of the move down from 2007.”
“Minor support is seen around 102.25 the accelerated uptrend, and the 101.54 July high and 100.62 September high. We will stay bullish while
above the 99.56 November 19 low.”
Key Quotes
“We note the Elliott wave count on the 240 minute RSI suggests a retracement back to 101.15/100.50 remains viable and we would allow for some weakness ahead of gains to the 103.74 2013 high.
“Longer term,. the market has recently broken up from a large triangle points to a longer term target of 108.86. We have an additional target en
route at 105.48, the 61.8% retracement of the move down from 2007.”
“Minor support is seen around 102.25 the accelerated uptrend, and the 101.54 July high and 100.62 September high. We will stay bullish while
above the 99.56 November 19 low.”