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4 Dec 2014
USD/JPY has reached a major target zone 119.88-120.22 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that USD/JPY has reached a major target zone around 119.88 levels and looks to encounter the 120.00 psychological region.
Key Quotes
“USD/JPY has reached the January and October 2006 highs at 119.40/88 and will also shortly encounter the psychological 120.00 region (this is also the 61.8% retracement of the move down from the 1998 peak). Intraday Elliott wave counts terminate circa here and we have TD resistance on the daily chart circa 120.22.”
“The daily RSI has not confirmed the recent high and this suggests caution – however support offered by the Imoku 1 levels at 118.60 and this guards 117.25/20 – only below here will trigger losses to 116.11, 11th November high and the 115.17 uptrend.”
Key Quotes
“USD/JPY has reached the January and October 2006 highs at 119.40/88 and will also shortly encounter the psychological 120.00 region (this is also the 61.8% retracement of the move down from the 1998 peak). Intraday Elliott wave counts terminate circa here and we have TD resistance on the daily chart circa 120.22.”
“The daily RSI has not confirmed the recent high and this suggests caution – however support offered by the Imoku 1 levels at 118.60 and this guards 117.25/20 – only below here will trigger losses to 116.11, 11th November high and the 115.17 uptrend.”