12 Nov 2013
Flash: USD/JPY approaching the 99.76 resistance line - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commezbank notes that USD/JPY remains bid in its range, but will need to register a close above the resistance line at 99.76 in order to trigger another leg higher currently.
Key Quotes
“It continues to see quite vicious swings intraday within its tight trading range and the risk of a break out from this range has increased.”
“We look for the market to remain well supported by the 200 day ma at 97.81 and the 4 month support line at 97.34. Above 99.76 will target the 100.62 11th September high en route to the 101.54/60 July high and 78.6% retracement.”
Key Quotes
“It continues to see quite vicious swings intraday within its tight trading range and the risk of a break out from this range has increased.”
“We look for the market to remain well supported by the 200 day ma at 97.81 and the 4 month support line at 97.34. Above 99.76 will target the 100.62 11th September high en route to the 101.54/60 July high and 78.6% retracement.”