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18 Sep 2013
Flash: USD/JPY Neutral to positive above the 97.31 support line - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY is unchanged, and her view remains neutral to positive.
Key Quotes
“Last week the market stalled at 100.62 and is seeing a minor correction lower. We have minor support at 98.29, but the upside bias remains above the 97.31 support line, but ideally we should now see dips hold the cloud support at 98.27/97.64.”
“Our initial upside target is the 101.54/60 July high and the Fibonacci retracement, with a long term Fibonacci retracement offering a 105.48 resistance point above here.”
“Below 97.31 we would revert to neutral as the risk will increase of further slippage to the 200 day ma at 95.65.”
Key Quotes
“Last week the market stalled at 100.62 and is seeing a minor correction lower. We have minor support at 98.29, but the upside bias remains above the 97.31 support line, but ideally we should now see dips hold the cloud support at 98.27/97.64.”
“Our initial upside target is the 101.54/60 July high and the Fibonacci retracement, with a long term Fibonacci retracement offering a 105.48 resistance point above here.”
“Below 97.31 we would revert to neutral as the risk will increase of further slippage to the 200 day ma at 95.65.”