7 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 has at last started to correct higher.
Key Quotes
“It has a multitude of supports between 101 and 100 and we suspect that the market may attempt to stabilise in this vicinity. At 100.12 we also find the 200 day ma and on the 240 minute chart we also have a 13 count and TD support circa 100.35.
“This suggests that we are likely to see some profit taking here.Additionally the 55 week ma is found at 98.86 and reinforces this band of support.”
“Rallies will find stronger resistance at 103.45, 102.99 (20 and 55 day ma day ma). This guards 104.45 en route to 105.45/50.”
Key Quotes
“It has a multitude of supports between 101 and 100 and we suspect that the market may attempt to stabilise in this vicinity. At 100.12 we also find the 200 day ma and on the 240 minute chart we also have a 13 count and TD support circa 100.35.
“This suggests that we are likely to see some profit taking here.Additionally the 55 week ma is found at 98.86 and reinforces this band of support.”
“Rallies will find stronger resistance at 103.45, 102.99 (20 and 55 day ma day ma). This guards 104.45 en route to 105.45/50.”