14 Mar 2014
Flash: USD/JPY dropped all the way to the six month support line at 101.63 - Commerzbank
FXStreet (Barcelona) - Axel Rudolph, Senior Technical Analyst at Commerzbank notes that on Thursday afternoon USD/JPY suddenly fell out of bed and slipped all the way to the six month support line at 101.63 where we expect it to hold today.
Key Quotes
“If not, the current March low at 101.20 will be back on the map. Further strong support remains to be seen at the 100.77 February trough. Both of these areas are likely to be hit next week with the 200 day moving average at 100.30 then being in focus.”
“Resistance now comes in between the 38.2% Fibonacci retracement at 102.55 and the February high at 102.83 as well as the mid-January low at 102.85.”
Key Quotes
“If not, the current March low at 101.20 will be back on the map. Further strong support remains to be seen at the 100.77 February trough. Both of these areas are likely to be hit next week with the 200 day moving average at 100.30 then being in focus.”
“Resistance now comes in between the 38.2% Fibonacci retracement at 102.55 and the February high at 102.83 as well as the mid-January low at 102.85.”