27 Jul 2015
USD/JPY: Testing towards cloud base support - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained the technical conditions surrounding USD/JPY.
Key Quotes:
"Technically, USD/JPY continues to hold below the 124.46/69 17th June high and 78.6% retracement."
"We have tightened our stops to entry point on our long positions as a precaution following the recent key day reversal from this key resistance seen recently. The 124.69 level is the break up point to the 125.86 June peak."
"Dips lower last week held over the 20 day ma at 123.14 and cloud support is available down to 122.18, the market remains well placed for further gains while above there."
Key Quotes:
"Technically, USD/JPY continues to hold below the 124.46/69 17th June high and 78.6% retracement."
"We have tightened our stops to entry point on our long positions as a precaution following the recent key day reversal from this key resistance seen recently. The 124.69 level is the break up point to the 125.86 June peak."
"Dips lower last week held over the 20 day ma at 123.14 and cloud support is available down to 122.18, the market remains well placed for further gains while above there."