Back
10 Mar 2014
Flash: USD/JPY 61.8% Fibonacci retracement at 103.66 provoked failure - Commerzbank
FXStreet (Barcelona) - Axel Rudolph, Senior Technical Analyst at Commerzbank notes that last week USD/JPY rallied to the 61.8% Fibonacci retracement of this year’s decline at 103.66 before dropping to the 102.61 level earlier this morning.
Key Quotes
“Should last week’s high at 103.77 be bettered, though, 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 101.44.”
Key Quotes
“Should last week’s high at 103.77 be bettered, though, 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 101.44.”