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5 Mar 2014
Flash: USD/JPY support line eroded but break not sustained - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY has not maintained its recent breach of the 3 month support line but it does remain on the defensive.
Key Quotes
“At this stage with the topside still capped by the 55 day ma at 103.23 we remain unable torule out a re-test of the 100.75 February low and the 100.19 200 day ma.”
“Resistance at 103.23 guards 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
“At this stage with the topside still capped by the 55 day ma at 103.23 we remain unable torule out a re-test of the 100.75 February low and the 100.19 200 day ma.”
“Resistance at 103.23 guards 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.”