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20 Mar 2014
USD/JPY attempting to stabilise - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY has rallied higher, but the topside so far has been thwarted by the 55 day ma at 102.79.
Key Quotes
“We remain unable to rule out a slide towards the 100.77 February trough and the 200 day moving average at 100.39. We note that the Elliott wave count on the intraday charts is giving conflicts signals, so would keep trading light for now.”
“Resistance comes in at 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 remain unable to rule out a slide towards the 100.77 February trough and the 200 day moving average at 100.39. We note that the Elliott wave count on the intraday charts is giving conflicts signals, so would keep trading light for now.”
“Resistance comes in at 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.”