13 Jan 2014
Flash: USD/JPY heading for a deeper retracement? - Commerzbank
FXstreet.com (Guatemala) - Karen Jones, Chief Strategist at Commerzbank noted that USD/JPY saw another failure just ahead of the 105.46/49 levels on Friday (recent high and long term Fibo).
Key Quotes:
“The outside day to the downside and erosion of its 20 day moving average has seen the 103.74 May high eroded”.
“A close below here should be enough to see a deeper retracement to 102.05 and possibly 101.00, the 38.2% and 50% retracements of the move up from October”.
Key Quotes:
“The outside day to the downside and erosion of its 20 day moving average has seen the 103.74 May high eroded”.
“A close below here should be enough to see a deeper retracement to 102.05 and possibly 101.00, the 38.2% and 50% retracements of the move up from October”.