9 Jul 2014
USD/JPY attention turns to 101.23 – Commerzbank
FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the market’s focus is now the recent low at 101.23.
Key Quotes
“USD/JPY is under pressure in its range - eroding nearby support to leave attention on the 101.23 recent low and the 101.07/100.75 55 week ma and this years low”.
“The market is now directly offered below last weeks high at 102.27, although key resistance remains the 2014 downtrend at 102.67”.
“Over the past 6 weeks, reaction highs have been lower in the range and we suspect that the risk is growing for a downside break”.
“Directly below lies the 2013-2014 uptrend at 100.35. We suspect that should 100.00 give way then the market would really start to disintegrate”.
Key Quotes
“USD/JPY is under pressure in its range - eroding nearby support to leave attention on the 101.23 recent low and the 101.07/100.75 55 week ma and this years low”.
“The market is now directly offered below last weeks high at 102.27, although key resistance remains the 2014 downtrend at 102.67”.
“Over the past 6 weeks, reaction highs have been lower in the range and we suspect that the risk is growing for a downside break”.
“Directly below lies the 2013-2014 uptrend at 100.35. We suspect that should 100.00 give way then the market would really start to disintegrate”.