30 Apr 2014
USD/JPY well supported around 101.58/32 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the good support zone at 101.58/32.
Key Quotes
“USD/JPY has continued to recover off 102.00 and is back in the middle of the range”.
“We look for dips lower to remain well supported by the 101.58/32 support lines and with this support reinforced by its 200 day ma at 100.94 and the 2014 low at 100.755, we favour recovery”.
“We should eventually see recovery to the top of the channel at 104.30. Initial resistance is the top of the cloud on the daily chart at 102.84”.
Key Quotes
“USD/JPY has continued to recover off 102.00 and is back in the middle of the range”.
“We look for dips lower to remain well supported by the 101.58/32 support lines and with this support reinforced by its 200 day ma at 100.94 and the 2014 low at 100.755, we favour recovery”.
“We should eventually see recovery to the top of the channel at 104.30. Initial resistance is the top of the cloud on the daily chart at 102.84”.