4 Feb 2014
Flash: USD/JPY looking for stabilisation circa 100.35/00 - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY has sold off sharply, exceeding its initial downside target of the 101.54 June high, and the 50% retracement at 101.00.
Key Quotes
“Between here and 100.00 we suspect that it may attempt to stabilise. At 100.05 we also find the 200 day ma. The market is trading at the base of its cloud at 101.06 today (yesterday saw a minor penetration of this).”
“On the 240 minute chart we also have a 13 count and TD support circa 100.35. The 55 week ma is found at 98.86. Rallies will initial resistance at 101.87 and stronger resistance at 103.45/38 (20 day ma).”
Key Quotes
“Between here and 100.00 we suspect that it may attempt to stabilise. At 100.05 we also find the 200 day ma. The market is trading at the base of its cloud at 101.06 today (yesterday saw a minor penetration of this).”
“On the 240 minute chart we also have a 13 count and TD support circa 100.35. The 55 week ma is found at 98.86. Rallies will initial resistance at 101.87 and stronger resistance at 103.45/38 (20 day ma).”