13 Oct 2014
USD/JPY downside would be corrective – Commerzbank
FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the current correction could find strong support around the 106.95/80.
Key Quotes
“USD/JPY has sold off and is approaching initial target zone at 106.95/80 (38.2% retracement and uptrend), where we favour recovery”.
“Only below 106.80 will introduce scope for 104.80/105.05”.
“This move lower is indicated to be a correction only and beyond this we look for further gains to the 110.67 August 2008 high”.
“Directly above here lies the 50% retracement of the entire move down from the 1998 peak at 111.47 and we would allow for some profit taking in this vicinity”.
Key Quotes
“USD/JPY has sold off and is approaching initial target zone at 106.95/80 (38.2% retracement and uptrend), where we favour recovery”.
“Only below 106.80 will introduce scope for 104.80/105.05”.
“This move lower is indicated to be a correction only and beyond this we look for further gains to the 110.67 August 2008 high”.
“Directly above here lies the 50% retracement of the entire move down from the 1998 peak at 111.47 and we would allow for some profit taking in this vicinity”.