9 May 2014
USD/JPY remains sidelined – Commerzbank
FXStreet (Edinburgh) - The USD/JPY continues to show no signs of clear direction so far, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“USD/JPY remains in the balance – it has seen a minor breach of the 11 month support line, but this has not been sustained and the market is attempting to stabilize”.
“Directly below here lies its 200 day ma at 101.06 and together with the 2014 low at 100.755, we favour recovery from this vicinity”.
“Although we suspect that rallies will again struggle to regain 103.00”.
“Below 100.75 lies 100.00 then the 98.76/23.6% retracement of the move up from the September 2012 low”.
Key Quotes
“USD/JPY remains in the balance – it has seen a minor breach of the 11 month support line, but this has not been sustained and the market is attempting to stabilize”.
“Directly below here lies its 200 day ma at 101.06 and together with the 2014 low at 100.755, we favour recovery from this vicinity”.
“Although we suspect that rallies will again struggle to regain 103.00”.
“Below 100.75 lies 100.00 then the 98.76/23.6% retracement of the move up from the September 2012 low”.