Back
24 Apr 2013
Forex Flash: USD/JPY struggles to reach 100.00 – Commerzbank
FXstreet.com (Barcelona) - The Japanese yen is trading almost unchanged on Wednesday, hovering over 99.40/50 after hitting fresh intraday lows against the greenback in the proximities of 99.70/75. The triple-digit psychological resistance is still negated to the yen bears, although that key area is expected to come under pressure, as the inflation figures are due tomorrow ahead of the BoJ MPC gathering on Friday.
In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross “continues to probe at the 99.70/100.00 recent high, Fibonacci retracement and psychological resistance. This is tough resistance; intraday dips lower should find support now at 97.50 and be contained by 96.45”. The expert added that the target remains at 101.27/67 (1999 and 2005 lows), and a break above those would target 105.50.
In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross “continues to probe at the 99.70/100.00 recent high, Fibonacci retracement and psychological resistance. This is tough resistance; intraday dips lower should find support now at 97.50 and be contained by 96.45”. The expert added that the target remains at 101.27/67 (1999 and 2005 lows), and a break above those would target 105.50.