23 Jul 2015
USD/JPY: sort term target at 127.70 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects the pair to advance above 127.00 in the near term.
Key Quotes
“USD/JPY has seen only a minor retracement following the key day reversal just ahead of the 124.46/69 17th June high and 78.6% retracement”.
“We have tightened our stops to entry point one our long positions as a precaution. The 124.69 level is the break up point to the 125.86 June peak”.
“Dips lower last week held over the 20 day ma at 123.12 and cloud support is available down to 122.18, the market remains well placed for further gains while above there”.
“The market is contained higher in a trend channel and this offers resistance this week at 127.70 – this is our short term target”.
Key Quotes
“USD/JPY has seen only a minor retracement following the key day reversal just ahead of the 124.46/69 17th June high and 78.6% retracement”.
“We have tightened our stops to entry point one our long positions as a precaution. The 124.69 level is the break up point to the 125.86 June peak”.
“Dips lower last week held over the 20 day ma at 123.12 and cloud support is available down to 122.18, the market remains well placed for further gains while above there”.
“The market is contained higher in a trend channel and this offers resistance this week at 127.70 – this is our short term target”.