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10 Sep 2013
Flash: USD/JPY remains below the 100.00/24 resistance area - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that over the past few days USD/JPY has been capped by the 100.00/24 region and is likely to remain below this zone again today.
Key Quotes
“Last week it broke higher from a 5 month triangle, though, and we believe that it has resumed its up move.”
“Our initial upside target is the 101.54/60 July high and the Fibonacci retracement. However the triangle offers a the potential for a substantial upswing.”
“The measured target is approximately at 109/110.00, with a Fibonacci retracement offering a 105.48 resistance point en route.”
“Near term support remains to be seen along the 55 day ma at 98.83. The triangle remains valid above the 96.99 support line, but ideally we should now see dips hold at 99.00/98.32.”
Key Quotes
“Last week it broke higher from a 5 month triangle, though, and we believe that it has resumed its up move.”
“Our initial upside target is the 101.54/60 July high and the Fibonacci retracement. However the triangle offers a the potential for a substantial upswing.”
“The measured target is approximately at 109/110.00, with a Fibonacci retracement offering a 105.48 resistance point en route.”
“Near term support remains to be seen along the 55 day ma at 98.83. The triangle remains valid above the 96.99 support line, but ideally we should now see dips hold at 99.00/98.32.”