6 Jun 2014
USD/JPY remains sidelined – Commerzbank
FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair is extending the sideline pattern.
Key Quotes
“USD/JPY held sideways. The market has a 13 count on the 240 minute chart and TD resistance at 103.00. Directly above here lies the 103.16 2014 resistance line”.
“All this suggests is that we are unlikely to clear this resistance line any time soon”.
“Dips lower should find initial support at 102.15 ahead of 101.96, the near term uptrend. The 200 day ma at 101.48 guards the 100.75/74 key support – the 2014 low and 55 week ma”.
“Above 103.16 will target the 104.13 April 2014 high and the 105.45/50 2014 high and long term Fibonacci retracement”.
Key Quotes
“USD/JPY held sideways. The market has a 13 count on the 240 minute chart and TD resistance at 103.00. Directly above here lies the 103.16 2014 resistance line”.
“All this suggests is that we are unlikely to clear this resistance line any time soon”.
“Dips lower should find initial support at 102.15 ahead of 101.96, the near term uptrend. The 200 day ma at 101.48 guards the 100.75/74 key support – the 2014 low and 55 week ma”.
“Above 103.16 will target the 104.13 April 2014 high and the 105.45/50 2014 high and long term Fibonacci retracement”.