9 Dec 2014
USD/JPY stalling ahead of its 14 year resistance line at 122.70 – Commerzbank
FXStreet (Barcelona) - According to Karen Jones, Head of Technical Analysis at Commerzbank, the USD/JPY pair failed to sustain the 121.40 break, stalling ahead of the 14 year resistance line at 122.70.
Key Quotes
“USD/JPY has not sustained the break of the 121.40 December 2005 high, the daily RSI is diverging and overhead lies its 14 year downtrend at 122.70. This 122.50/123.00 band represents a major upside objective for us. We are expecting it to hold the initial test. Should the market break through this level (not favoured) we have nothing until the 124.14 2007 high.”
“Support is offered by the Imoku 1 level at 119.55 and this guards 117.25/20 – only below here will trigger losses to 116.11, 11th November high and the 116.00 uptrend.”
Key Quotes
“USD/JPY has not sustained the break of the 121.40 December 2005 high, the daily RSI is diverging and overhead lies its 14 year downtrend at 122.70. This 122.50/123.00 band represents a major upside objective for us. We are expecting it to hold the initial test. Should the market break through this level (not favoured) we have nothing until the 124.14 2007 high.”
“Support is offered by the Imoku 1 level at 119.55 and this guards 117.25/20 – only below here will trigger losses to 116.11, 11th November high and the 116.00 uptrend.”