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9 Sep 2013
Flash: USD/JPY bounces off the 55 day ma at 98.80 - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that last week USD/JPY broke higher from a 5 month triangle and she believes that it is in the process of resuming its up move.
Key Quotes
“Our initial upside target is the 101.54/60 July high and the Fibonacci retracement. However the triangle offers a the potential for a substantial upswing.”
“The measured target is approximately at 109/110.00, with a Fibonacci retracement offering a 105.48 resistance point en route.”
“Near term the 55 day ma was being retested on Friday. The triangle remains valid above the 96.94 support line, but ideally we should now see dips hold at 99.00/98.32.”
Key Quotes
“Our initial upside target is the 101.54/60 July high and the Fibonacci retracement. However the triangle offers a the potential for a substantial upswing.”
“The measured target is approximately at 109/110.00, with a Fibonacci retracement offering a 105.48 resistance point en route.”
“Near term the 55 day ma was being retested on Friday. The triangle remains valid above the 96.94 support line, but ideally we should now see dips hold at 99.00/98.32.”