15 Oct 2013
Flash: USD/JPY revisits the 50% retracement at 98.58 – Commerzbank
FXstreet.com (Athens) – Karen Jones, Head Technical Analyst at Commerzbank suggests that the USD/JPY continues to see a strong rebound from its 200 day ma at 97.00.
Key Quotes
“Last week it was capped by the 50% retracement at 98.58 but last week’s rise looks directional. The six month resistance line at 99.68 is still being targeted.”
“While a challenge of the top of the recent range at 99.72/100.62 is plausible we look for this to hold. Potential dips should find minor support around the 97.50 late September low. Further down the 200 day moving average guards at 97.00 the seven month support line at 95.75.”
Key Quotes
“Last week it was capped by the 50% retracement at 98.58 but last week’s rise looks directional. The six month resistance line at 99.68 is still being targeted.”
“While a challenge of the top of the recent range at 99.72/100.62 is plausible we look for this to hold. Potential dips should find minor support around the 97.50 late September low. Further down the 200 day moving average guards at 97.00 the seven month support line at 95.75.”