7 Nov 2013
Flash: USD/JPY range bound and bid in range – Commerzbank
FXstreet.com (Athens) – Karen Jones Head Technical Analyst of Commerzbank suggest that USD/JPY remains completely sidelined.
Key Quotes
“Below the market lies the 4 month support line at 97.23, which guards the current October low at 96.55 and the six month support line at 96.11. Above there is the 6 month resistance line at 99.02 and the 4 month resistance line at 99.82.”
“The market has been contained in a large contracting range for the past 6 months and currently we have no real indication that the market is ready to break out of this range.”
Key Quotes
“Below the market lies the 4 month support line at 97.23, which guards the current October low at 96.55 and the six month support line at 96.11. Above there is the 6 month resistance line at 99.02 and the 4 month resistance line at 99.82.”
“The market has been contained in a large contracting range for the past 6 months and currently we have no real indication that the market is ready to break out of this range.”