21 Nov 2013
Flash: USD/JPY overshoots September peak at 100.62, eyes 101.05 - Commerzbank
FXstreet.com (Barcelona) - Axel Rudolph, Senior Technical Analyst notes USD/JPY is now trading above the September high at 100.62 and nears the July 22 peak at 101.05.
Key Quotes
“If this was to be exceeded, the 101.54/60 July high and 78.6% Fibonacci retracement of the May-to-June decline will be in focus.”
“Minor support is seen around the psychological 100.00 level, at the 99.56 November 19 low with more support coming in between the 99.10 November 12 low and the 99.01 October peak.”
“We will remain immediately bullish while the currency pair stays above the 99.56 November 19 low.”
Key Quotes
“If this was to be exceeded, the 101.54/60 July high and 78.6% Fibonacci retracement of the May-to-June decline will be in focus.”
“Minor support is seen around the psychological 100.00 level, at the 99.56 November 19 low with more support coming in between the 99.10 November 12 low and the 99.01 October peak.”
“We will remain immediately bullish while the currency pair stays above the 99.56 November 19 low.”