11 Apr 2014
USD/JPY rallies to find strong resistance at 101.80 – Commerzbank
FXStreet (Barcelona) -Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects bullish attempts in USD/JPY to struggle in the 101.80/102.05 area.
Key Quotes
“USD/JPY has sold off to the base of its channel at 101.41 today. This is being eroded, however and intraday charts are suggesting that rallies will struggle 101.80/102.05 and the short term risk remains for loses to the 200 day ma at 100.79 and the 2014 low at 100.755”.
“The 2013-2014 uptrend is also here at 100.89. Only above 102.50 alleviates downside pressure enough to refocus on the top of the channel at 104.12”.
Key Quotes
“USD/JPY has sold off to the base of its channel at 101.41 today. This is being eroded, however and intraday charts are suggesting that rallies will struggle 101.80/102.05 and the short term risk remains for loses to the 200 day ma at 100.79 and the 2014 low at 100.755”.
“The 2013-2014 uptrend is also here at 100.89. Only above 102.50 alleviates downside pressure enough to refocus on the top of the channel at 104.12”.