9 Oct 2013
Flash: USD/JPY bouncing from the 200 day ma at 96.78 – Commerzbank
FXstreet.com (Athens) – Karen Jones, Head Technical Analyst at Commerzbank mentions that USD/JPY is bouncing higher following its test of its initial target of the 200 day ma at 96.78.
Key Quotes
“We noted yesterday the TD perfected set up on the daily chart and as a consequence would again tighten the stop on short positions.”
“The market continues to target the August low at 95.80 and the 95.65 5 month support line. This is expected to hold the downside on the initial test (although we are less convinced that this will hold and provoke reversal).”
“We are alert to the increased possibility of a break lower. The short term resistance line offers initial resistance at 97.92 ahead of the 100.62 September high then 101.54/60 July high and the Fibonacci retracement.”
Key Quotes
“We noted yesterday the TD perfected set up on the daily chart and as a consequence would again tighten the stop on short positions.”
“The market continues to target the August low at 95.80 and the 95.65 5 month support line. This is expected to hold the downside on the initial test (although we are less convinced that this will hold and provoke reversal).”
“We are alert to the increased possibility of a break lower. The short term resistance line offers initial resistance at 97.92 ahead of the 100.62 September high then 101.54/60 July high and the Fibonacci retracement.”