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12 Mar 2014
Flash: USD/JPY oscillates around the 55 day moving average at 103.14 - Commerzbank
FXStreet (Barcelona) - Axel Rudolph, Senior Technical Analyst at Commerzbank notes that USD/JPY’s bounce off the 38.2% Fibonacci retracement at 102.55 put the 61.8% Fibonacci retracement of this year’s decline at 103.66 back on the map.
Key Quotes
“Should last week’s high at 103.77 be bettered, the 78.6% Fibonacci retracement at 104.45 will be in focus, en route to the more important 105.45/50 recent highs and long term Fibonacci level.”
“Slips should find support around the 38.2% Fibonacci retracement at 102.55. Further minor support can be seen around the 101.77 late January low and along the six month support line at 101.53.”
Key Quotes
“Should last week’s high at 103.77 be bettered, the 78.6% Fibonacci retracement at 104.45 will be in focus, en route to the more important 105.45/50 recent highs and long term Fibonacci level.”
“Slips should find support around the 38.2% Fibonacci retracement at 102.55. Further minor support can be seen around the 101.77 late January low and along the six month support line at 101.53.”