26 May 2014
USD/JPY door open for a re-test of 100.75 – Commerzbank
FXStreet (Edinburgh) -According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the USD/JPY might re-visit the key support area at 100.75/76.
Key Quotes
“USD/JPY is probing the 101.89/102.36 area – this is the mid May high, the 55 day ma and the short term resistance line”.
“We look for this to hold the initial test and provoke a retest of the 100.75/76 support –the 2014 low and 55 week ma and we are suspicious longer term that the market has topped at 105.45”.
“Loss of psychological support at 100.00 would add weight to that view”.
“In order to alleviate immediate downside pressure a recovery through the 102.36 mid May high is needed”.
Key Quotes
“USD/JPY is probing the 101.89/102.36 area – this is the mid May high, the 55 day ma and the short term resistance line”.
“We look for this to hold the initial test and provoke a retest of the 100.75/76 support –the 2014 low and 55 week ma and we are suspicious longer term that the market has topped at 105.45”.
“Loss of psychological support at 100.00 would add weight to that view”.
“In order to alleviate immediate downside pressure a recovery through the 102.36 mid May high is needed”.