22 Aug 2013
Flash: USD/JPY may rise for a day or two before coming off again - Commerzbank
FXstreet.com (Barcelona) - Axel Rudolph, Senior Technical Analyst at Commerzbank notes that on Tuesday USD/JPY retested the 97.00 region which offered support.
Key Quotes
“Failure at Tuesday’s 96.91 low will push the three month support line at 96.33 and the 78.6% Fibonacci retracement of the June to-July rise at 95.42 to the fore. Below these lies the five month support line at 94.89.”
“Over the coming weeks we allow for losses back to the 94.22/93.75 support area. This is where the 200 day moving average and the June low are.”
“Should last week’s high at 98.66 be bettered, however, we will have to allow for the current August high at 99.95 to be retested, along with the 2013 resistance line at 99.67.”
“While these levels cap, recent downside pressure should be maintained, though.”
Key Quotes
“Failure at Tuesday’s 96.91 low will push the three month support line at 96.33 and the 78.6% Fibonacci retracement of the June to-July rise at 95.42 to the fore. Below these lies the five month support line at 94.89.”
“Over the coming weeks we allow for losses back to the 94.22/93.75 support area. This is where the 200 day moving average and the June low are.”
“Should last week’s high at 98.66 be bettered, however, we will have to allow for the current August high at 99.95 to be retested, along with the 2013 resistance line at 99.67.”
“While these levels cap, recent downside pressure should be maintained, though.”