6 May 2014
USD/JPY still range bound – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the USD/JPY keeping its range so far.
Key Quotes
“USD/JPY on Friday saw an aggressive about turn from 103.00, leaving it under pressure in its range”.
“We view the price action as a reluctant to break out of its range yet but look for dips lower to remain well supported by the 101.42 support line and with this support reinforced by its 200 day ma at 101.01 and the 2014 low at 100.755, we favour recovery from this vicinity”.
“Initial resistance lies at 103.03 ahead of the resistance line at 103.69. A close above here is needed to generate upside interest to the 104.13 April peak and then the 105.45 January high”.
Key Quotes
“USD/JPY on Friday saw an aggressive about turn from 103.00, leaving it under pressure in its range”.
“We view the price action as a reluctant to break out of its range yet but look for dips lower to remain well supported by the 101.42 support line and with this support reinforced by its 200 day ma at 101.01 and the 2014 low at 100.755, we favour recovery from this vicinity”.
“Initial resistance lies at 103.03 ahead of the resistance line at 103.69. A close above here is needed to generate upside interest to the 104.13 April peak and then the 105.45 January high”.