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27 May 2015
USD/JPY scope for a test of 128.00 – Commerzbank
FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the recent performance of the pair could allow a visit of the 128.00 region.
Key Quotes
“USD/JPY has shot higher to erode the 15 year downtrend at 122.07, this leaves it well placed to tackle both the 123.41/23.6% retracement of the entire move down from the 1982 peak and the 124.14 June 2007 high”.
“The market has also completed an ascending triangle which offers a longer term target to 128.00/15”.
“Dips lower should now find support circa 122.00. Key support is considered to be the 5 month uptrend at 119.20”.
Key Quotes
“USD/JPY has shot higher to erode the 15 year downtrend at 122.07, this leaves it well placed to tackle both the 123.41/23.6% retracement of the entire move down from the 1982 peak and the 124.14 June 2007 high”.
“The market has also completed an ascending triangle which offers a longer term target to 128.00/15”.
“Dips lower should now find support circa 122.00. Key support is considered to be the 5 month uptrend at 119.20”.