13 Feb 2014
Flash: USD/JPY stalling at the 20 day ma - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY’s move higher, appears to be losing upside momentum ahead of the 20 day ma and she would allow for some nearterm slippage.
Key Quotes
“However the market has a multitude of supports between 101 and 100 and at 100.18 we also find the 200 day m.a. so we consider the downside as limited.”
“We note that the Elliott wave counts on the intraday charts are giving conflicting signals and for now we will exit our positions. Additionally the 55 week ma is found at 99.08 and reinforces this band of support. Intraday dips lower are indicated to terminate ahead of 101.54, the July high.”
Key Quotes
“However the market has a multitude of supports between 101 and 100 and at 100.18 we also find the 200 day m.a. so we consider the downside as limited.”
“We note that the Elliott wave counts on the intraday charts are giving conflicting signals and for now we will exit our positions. Additionally the 55 week ma is found at 99.08 and reinforces this band of support. Intraday dips lower are indicated to terminate ahead of 101.54, the July high.”