25 Feb 2015
USD/JPY rally runs out of steam ahead of 120 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes USD/JPY technicals remain neutral, with the pair failing again to sustain a higher break.
Key Quotes
“USD/JPY saw a strong rebound from the 4 month support line, which halted at 119.84 and the market is back under pressure.”
“Focus is on the 16th February low at 118.11. Failure here should be enough to trigger a slide back to the 116.20 support line.”
“The market has recently failed to sustain a break higher from a converging range, but has yet to break down either – the pattern is neutral.”
“Resistance lies at the February high at 120.48 ahead of is the 121.86 December high then the 122.45 15 year downtrend. We note the 13 count on the monthly chart. This is extremely tough resistance.”
Key Quotes
“USD/JPY saw a strong rebound from the 4 month support line, which halted at 119.84 and the market is back under pressure.”
“Focus is on the 16th February low at 118.11. Failure here should be enough to trigger a slide back to the 116.20 support line.”
“The market has recently failed to sustain a break higher from a converging range, but has yet to break down either – the pattern is neutral.”
“Resistance lies at the February high at 120.48 ahead of is the 121.86 December high then the 122.45 15 year downtrend. We note the 13 count on the monthly chart. This is extremely tough resistance.”