24 Mar 2014
USD/JPY back in range, well supported on dips - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY is sidelined to bid in its range, but the topside so far has been thwarted by the 55 day ma at 102.72.
Key Quotes
“The intraday signals are turning more positive and it is looking less likely that we will see a slide towards the 100.77 February trough and the 200 day moving average at 100.47.”
“Resistance comes in at the February high at 102.83 as well as the mid- January low at 102.85. We have a multitude of supports between 101 and 100. We look for this ‘zone’ to underpin. This area is also reinforced by the 55 week ma at 99.88.”
Key Quotes
“The intraday signals are turning more positive and it is looking less likely that we will see a slide towards the 100.77 February trough and the 200 day moving average at 100.47.”
“Resistance comes in at the February high at 102.83 as well as the mid- January low at 102.85. We have a multitude of supports between 101 and 100. We look for this ‘zone’ to underpin. This area is also reinforced by the 55 week ma at 99.88.”