3 Jan 2014
Flash: USD/JPY is an interesting play – Commerzbank
FXstreet.com (Guatemala) - Karen Jones, chief analyst at Commerzbank, noted that the Yen has seen extremely interesting price action.
Key Quotes:
“…not only has the market reversed from its long term Fibonacci retracement at 105.49, BUT we have a 13 count and a divergence of the RSI”.
“All 3 factors suggest that the market has topped for now and has sold off to the 20 day ma at 104.08”.
“The Elliott wave count is suggesting that we will see a deeper retracement to 103.35/102.05, the 23.6% and the 38.2% retracements of the move up from October”.
Key Quotes:
“…not only has the market reversed from its long term Fibonacci retracement at 105.49, BUT we have a 13 count and a divergence of the RSI”.
“All 3 factors suggest that the market has topped for now and has sold off to the 20 day ma at 104.08”.
“The Elliott wave count is suggesting that we will see a deeper retracement to 103.35/102.05, the 23.6% and the 38.2% retracements of the move up from October”.