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16 Sep 2013
Flash: USD/JPY easing back - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY last week stalled at 100.62 and eased lower.
Key Quotes
“We have minor support at 98.15. The upside bias remains above the 97.21 support line, but ideally we should now see dips hold the cloud support at 98.27/97.77.”
“The market completed a 5 month triangle recently and 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.”
Key Quotes
“We have minor support at 98.15. The upside bias remains above the 97.21 support line, but ideally we should now see dips hold the cloud support at 98.27/97.77.”
“The market completed a 5 month triangle recently and 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.”