17 Oct 2013
Flash: USD/JPY capped by the 61.8% Fibonacci retracement - Commerzbank
FXstreet.com (Athens) – Axel Rudolph, Head Technical Analyst at Commerzbank mentions that the USD/JPY briefly rose towards the 61.8% Fibonacci retracement at 99.07 before coming off it and slipping back below the 50% retracement at 98.58.
Key Quotes
“Over the next few days the six month resistance line at 99.61 remains in play, though. While a challenge of the top of the recent range at 99.72/100.62 is plausible we look for this to hold.”
“Potential dips should find minor support around the 97.50 late September low. Further down the 200 day moving average at 97.10 guards the seven month support line at 95.79.”
Key Quotes
“Over the next few days the six month resistance line at 99.61 remains in play, though. While a challenge of the top of the recent range at 99.72/100.62 is plausible we look for this to hold.”
“Potential dips should find minor support around the 97.50 late September low. Further down the 200 day moving average at 97.10 guards the seven month support line at 95.79.”