10 Oct 2013
Flash: USD/JPY bounces from the 200 day ma at 96.78 - Commerzbank
FXstreet.com (Athens) – Karen Jones, Head Technical Analyst at Commerzbank suggests that the USD/JPY continues to bounce from its 200 day ma at 96.84.
Key Quotes
“Directly overhead lies the downtrend at 97.78 and the Elliott wave count is suggesting that the bounce should terminate around here.”
“The market continues to target the August low at 95.80 and the 95.68 5 month support line. This is expected to hold the downside on the initial test (although we are less convinced that this will hold and provoke reversal).”
“We are alert to the increased possibility of a break lower. The short term resistance line offers initial resistance at 97.78 ahead of the 99.23/28 55 day ma.”
Key Quotes
“Directly overhead lies the downtrend at 97.78 and the Elliott wave count is suggesting that the bounce should terminate around here.”
“The market continues to target the August low at 95.80 and the 95.68 5 month support line. This is expected to hold the downside on the initial test (although we are less convinced that this will hold and provoke reversal).”
“We are alert to the increased possibility of a break lower. The short term resistance line offers initial resistance at 97.78 ahead of the 99.23/28 55 day ma.”