6 Mar 2014
Flash: USD/JPY approaching the 102.92 resistance line - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY continues to creep higher and will shortly encounter the recent high at 102.83 and the 55 day ma at 103.20.
Key Quotes
“We suspect the upmove may falter here and currently, if it does so, we remain unable to rule out a re-test of the 100.75 February low and the 100.19 200 day ma.”
“Resistance at 103.20 guards 104.45 en route to the more important 105.45/50 recent high and long term Fibo. We have a multitude of supports between 101 and 100, we look for this ‘zone’ to under pin. This area is also reinforced by the 55 week ma at 99.56.”
Key Quotes
“We suspect the upmove may falter here and currently, if it does so, we remain unable to rule out a re-test of the 100.75 February low and the 100.19 200 day ma.”
“Resistance at 103.20 guards 104.45 en route to the more important 105.45/50 recent high and long term Fibo. We have a multitude of supports between 101 and 100, we look for this ‘zone’ to under pin. This area is also reinforced by the 55 week ma at 99.56.”