10 Feb 2014
Flash: USD/JPY correction lower appears to be over - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY rebounded higher on Friday and has reached the 38.2% retracement at 102.55 (of the sell off seen so far this year).
Key Quotes
“We suspect that the market is attempting to reassert its bull move as it has a multitude of supports between 101 and 100. At 100.12 we also find the 200 day ma at 101.14.”
“Additionally the 55 week ma is found at 99.08 and reinforces this band of support. Intraday dips lower are indicated to terminate ahead of 101.54, the July high.”
“Rallies will find stronger resistance at 102.98, 103.45 (20 day ma day ma and 29th Jan high). This guards 104.45 en route to the more important 105.45/50 recent high and long term Fibo.”
Key Quotes
“We suspect that the market is attempting to reassert its bull move as it has a multitude of supports between 101 and 100. At 100.12 we also find the 200 day ma at 101.14.”
“Additionally the 55 week ma is found at 99.08 and reinforces this band of support. Intraday dips lower are indicated to terminate ahead of 101.54, the July high.”
“Rallies will find stronger resistance at 102.98, 103.45 (20 day ma day ma and 29th Jan high). This guards 104.45 en route to the more important 105.45/50 recent high and long term Fibo.”