9 Dec 2013
USD/JPY in the 103 handle
FXstreet.com (London) - USD/JPY failed, so far, to correct lower and has climbed back through the 103 handle.
Strategists at Commerzbank noted this and said the correction lower was tepid. They went onto say that they suspect the correction may already be over. “We note the Elliott wave count on the daily chart suggests a retracement back to 100.91/100.16 remains viable, however the slide lower held over the July 2013 13 high at 101.54 and this we regard as bullish price action. Short-term target remains the 103.74 2013 high”. There is nothing specific in the way of data at the start of this week but markets will be listing to Fed speeches which may have an effect on the pair post the positive NFP’s that gave a boost to the dollar.
USD/JPY Levels
The 20 DMA is 101.15, the 50 DMA is 99.26, the 200 DMA is 98.54. RSI (14) 66.12. Supports are ascending from 102.21, 102.42, 102.67 and 102.89. Spot is 103.13 while resistances are 103.57, 103.74 and 104.04.
Strategists at Commerzbank noted this and said the correction lower was tepid. They went onto say that they suspect the correction may already be over. “We note the Elliott wave count on the daily chart suggests a retracement back to 100.91/100.16 remains viable, however the slide lower held over the July 2013 13 high at 101.54 and this we regard as bullish price action. Short-term target remains the 103.74 2013 high”. There is nothing specific in the way of data at the start of this week but markets will be listing to Fed speeches which may have an effect on the pair post the positive NFP’s that gave a boost to the dollar.
USD/JPY Levels
The 20 DMA is 101.15, the 50 DMA is 99.26, the 200 DMA is 98.54. RSI (14) 66.12. Supports are ascending from 102.21, 102.42, 102.67 and 102.89. Spot is 103.13 while resistances are 103.57, 103.74 and 104.04.