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7 Mar 2014
Flash: USD/JPY has rallied to the 55 day ma at 103.19 - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY has rallied higher to reach the 55 day ma at 103.19.
Key Quotes
“We suspect the up move may falter here and currently, if it does so, we remain unable to rule out a re-test of the 101.29 support line. However our favoured scenario is that dips lower will be fairly tepid and contained circa 102.40 for a push through this moving average.”
“Above 103.19 targets 104.45 en route to the more important 105.45/50 recent high and long term Fibo. We have a multitude of supports between 101 and 100, we look for this ‘zone’ to underpin. This area is also reinforced by the 55 week ma at 99.56.”
Key Quotes
“We suspect the up move may falter here and currently, if it does so, we remain unable to rule out a re-test of the 101.29 support line. However our favoured scenario is that dips lower will be fairly tepid and contained circa 102.40 for a push through this moving average.”
“Above 103.19 targets 104.45 en route to the more important 105.45/50 recent high and long term Fibo. We have a multitude of supports between 101 and 100, we look for this ‘zone’ to underpin. This area is also reinforced by the 55 week ma at 99.56.”