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21 Feb 2014
Flash: USD/JPY upside scope above the 101.45 support line - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analyst at Commerzbank notes that while USD/JPY holds over its 101.45 3 month support line, it will continue to hold a slight upside bias.
Key Quotes
“The recent move above the 20 day ma suggests upside scope for further recovery and we should see a move to 103.45 (29th Jan high). This guards 104.45 en route to the more important 105.45/50 recent high and long term Fibo.”
“We have a multitude of supports between 101 and 100, we look for this ‘zone’ to under pin. This area is also reinforced by the the 200 day m.a. at 100.19 and the 55 week ma at 99.23.”
Key Quotes
“The recent move above the 20 day ma suggests upside scope for further recovery and we should see a move to 103.45 (29th Jan high). This guards 104.45 en route to the more important 105.45/50 recent high and long term Fibo.”
“We have a multitude of supports between 101 and 100, we look for this ‘zone’ to under pin. This area is also reinforced by the the 200 day m.a. at 100.19 and the 55 week ma at 99.23.”