Back
18 Mar 2014
Flash: USD/JPY attempting to stabilise - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY is attempting to stabilise very near term, and she remains unable to rule out slips lower to the 100.77 February trough and the 200 day moving average at 100.33.
Key Quotes
“We note that the Elliott wave count on the 240 chart is suggesting rallies will struggle intraday circa 102.00/25. Resistance now comes in around 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.”
“We have a multitude of supports between 101 and 100. We look for this ‘zone’ to underpin. This area is also reinforced by the 55 week ma at 99.88.”
Key Quotes
“We note that the Elliott wave count on the 240 chart is suggesting rallies will struggle intraday circa 102.00/25. Resistance now comes in around 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.”
“We have a multitude of supports between 101 and 100. We look for this ‘zone’ to underpin. This area is also reinforced by the 55 week ma at 99.88.”