18 Feb 2015
USD/JPY upside favoured, targeting 122.45 levels – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, views USD/JPY remains bullish while above 118.33, targeting 122.45 levels.
Key Quotes
“USD/JPY has sold off to and is bouncing from the 4 month uptrend at 118.33. The market has recently attempted to break higher from a converging range, but has not sustained the break - but for now we will give the upside the benefit of the doubt while above the 118.33 4 month uptrend.”
“Initial resistance is the 121.86 December high then the 122.45 15 year downtrend. The 122.45 level will be our target for now while above 118.05.”
“Below the market the 4 month uptrend at 118.05 guards the 116.14 support line."
“Directly above the market lies the 123.40 major resistance, this is the location of the long term Fibonacci retracement. It is also TD resistance on the weekly chart and we note the 13 count on the monthly chart. This is extremely tough resistance.”
“Current Position: Long 119.25. Recommended Trade: Raise the stop from 118.10 to 118.30. Exit 122.40.”
“Shorter term (1-3 weeks): Broken higher from triangle.”
“Medium term (1-3 month): Looking for failure 122.45/123.40 (14 year resistance line and 23.6% retracement of the entire move from 1982).”
Key Quotes
“USD/JPY has sold off to and is bouncing from the 4 month uptrend at 118.33. The market has recently attempted to break higher from a converging range, but has not sustained the break - but for now we will give the upside the benefit of the doubt while above the 118.33 4 month uptrend.”
“Initial resistance is the 121.86 December high then the 122.45 15 year downtrend. The 122.45 level will be our target for now while above 118.05.”
“Below the market the 4 month uptrend at 118.05 guards the 116.14 support line."
“Directly above the market lies the 123.40 major resistance, this is the location of the long term Fibonacci retracement. It is also TD resistance on the weekly chart and we note the 13 count on the monthly chart. This is extremely tough resistance.”
“Current Position: Long 119.25. Recommended Trade: Raise the stop from 118.10 to 118.30. Exit 122.40.”
“Shorter term (1-3 weeks): Broken higher from triangle.”
“Medium term (1-3 month): Looking for failure 122.45/123.40 (14 year resistance line and 23.6% retracement of the entire move from 1982).”