25 Jun 2014
USD/JPY sidelined, boring – Commerzbank
FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair remains locked in its consolidation pattern.
Key Quotes
“USD/JPY is dull to sidelined short term, the market is underpinned near term by the 200 day ma, which lies at 101.65 –rebounds from here have proved to be pretty tepid so far”.
“The topside has remained capped by the 102.32 2 month resistance and is therefore viewed as neutral to slightly negative”.
“The 200 day ma at 101.65 guards the 100.75/78 key support – the 2014 low and 55 week ma”.
“Rallies will find initial resistance at 102.35 (2 month resistance line) ahead of the 2014 resistance line at 102.90. We currently have no strong bias either way”.
Key Quotes
“USD/JPY is dull to sidelined short term, the market is underpinned near term by the 200 day ma, which lies at 101.65 –rebounds from here have proved to be pretty tepid so far”.
“The topside has remained capped by the 102.32 2 month resistance and is therefore viewed as neutral to slightly negative”.
“The 200 day ma at 101.65 guards the 100.75/78 key support – the 2014 low and 55 week ma”.
“Rallies will find initial resistance at 102.35 (2 month resistance line) ahead of the 2014 resistance line at 102.90. We currently have no strong bias either way”.