14 Apr 2014
USD/JPY slight erosion of the base of its channel - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY came under increasing downside pressure all of last week.
Key Quotes
“It has reached the base of the channel support at 101.42, however and intraday charts are suggesting that rallies will struggle 102.05/102.35 and the short term risk remains for loses to the 200 day ma at 100.79 and the 2014 low at 100.755.”
“The 2013-2014 uptrend is also here at 100.89. Only above 102.50 alleviates downside pressure enough to refocus on the top of the channel at 104.12.”
Key Quotes
“It has reached the base of the channel support at 101.42, however and intraday charts are suggesting that rallies will struggle 102.05/102.35 and the short term risk remains for loses to the 200 day ma at 100.79 and the 2014 low at 100.755.”
“The 2013-2014 uptrend is also here at 100.89. Only above 102.50 alleviates downside pressure enough to refocus on the top of the channel at 104.12.”