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22 Nov 2013
Flash: USD/JPY has an initial target 101.54/60 - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY has cleared the September high at 100.62 and attention reverts to the 101.54/60 July high and 78.6% Fibonacci retracement of the May-to-June decline.
Key Quotes
“While this may provoke initial failure, the recent break up from a large triangle points to a longer term target of 108.86 (and we consider this target to be conservative!).”
“Obviously the 103.74 2013 high offers an interim target Minor support is seen around the psychological 100.00 level, at the 99.56 November 19 low with more support coming in between the 99.10 November 12 low and the 99.01 October peak.”
“We will remain immediately bullish while the currency pair stays above the 99.56 November 19 low.”
Key Quotes
“While this may provoke initial failure, the recent break up from a large triangle points to a longer term target of 108.86 (and we consider this target to be conservative!).”
“Obviously the 103.74 2013 high offers an interim target Minor support is seen around the psychological 100.00 level, at the 99.56 November 19 low with more support coming in between the 99.10 November 12 low and the 99.01 October peak.”
“We will remain immediately bullish while the currency pair stays above the 99.56 November 19 low.”