15 Jan 2014
Flash: USD/JPY strong rebound sees shorts profit stopped - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY saw a strong rebound and the intraday charts have turned more positive.
Key Quotes
“Above 104.50 we will have to allow for another run up to the 105.40/50 region again. This represents recent highs and its long term Fibonacci retracement.”
“We remain unable to rule out another failure here and a deeper retracement to 102.05 and possibly 101.00, the 38.2% and 50% retracements of the move up from October.”
“We have become more negative short term because not only has the market reversed from its long term Fibonacci retracement at 105.49, BUT we have a 13 count and also a divergence of the daily and weekly RSI. All 3 factors suggest that the market has topped for now.”
Key Quotes
“Above 104.50 we will have to allow for another run up to the 105.40/50 region again. This represents recent highs and its long term Fibonacci retracement.”
“We remain unable to rule out another failure here and a deeper retracement to 102.05 and possibly 101.00, the 38.2% and 50% retracements of the move up from October.”
“We have become more negative short term because not only has the market reversed from its long term Fibonacci retracement at 105.49, BUT we have a 13 count and also a divergence of the daily and weekly RSI. All 3 factors suggest that the market has topped for now.”