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23 Sep 2013
Flash: USD/JPY neutral to positive above the 97.47 support line-Commerzbank
FXstreet.com (Athens)-Karen Jones, Head Technical Analyst at Commerzbank suggests that the USD/JPY last week sold off to and bounced from the 97.47 support line.
Key Quotes
“The market has held its cloud support at 97.64 and should remained under pinned here. Our initial upside target is the 100.62 September high then 101.54/60 July high and the Fibonacci retracement, with a long term Fibonacci retracement offering a 105.48 resistance point above here.”
“Below 97.47 we would revert to neutral as the risk will increase of further slippage to the 200 day ma at 95.97.”
Key Quotes
“The market has held its cloud support at 97.64 and should remained under pinned here. Our initial upside target is the 100.62 September high then 101.54/60 July high and the Fibonacci retracement, with a long term Fibonacci retracement offering a 105.48 resistance point above here.”
“Below 97.47 we would revert to neutral as the risk will increase of further slippage to the 200 day ma at 95.97.”