10 Apr 2014
USD/JPY sitting on the base of its channel - Commerzbank
FXStreet (Barcelona) -
Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY is sitting at the base of its channel at 101.40 today.
Key Quotes
“The intraday charts are suggesting that rallies will struggle 102.20/40 and the short term risk remains for a retest of the base of its channel.”
“We have a multitude of supports between 101 and 100. We look for this ‘zone’ to underpin. But of note are the 200 day ma at 100.78 and the 2014 low at 100.755.”
“Only above 102.50 alleviates downside pressure enough to refocus on the top of the channel at 10.409.”
Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY is sitting at the base of its channel at 101.40 today.
Key Quotes
“The intraday charts are suggesting that rallies will struggle 102.20/40 and the short term risk remains for a retest of the base of its channel.”
“We have a multitude of supports between 101 and 100. We look for this ‘zone’ to underpin. But of note are the 200 day ma at 100.78 and the 2014 low at 100.755.”
“Only above 102.50 alleviates downside pressure enough to refocus on the top of the channel at 10.409.”