28 Nov 2014
USD/JPY holding Imoku 1 support for now – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that USD/JPY failed at 119.07 level and is currently holding the Imoku 1 support at 117.65.
Key Quotes
“USD/JPY appears to have failed at the 1.618 Fibonacci extension cutting in at 119.07. The daily RSI has turned more negative and the near term risk is for a slide back to 116.11, 11th November high and the 114.06 uptrend.”
“However very near term the 117.20 support will need to be eroded to confirm this scenario – and while above here we remain unable to rule out a retest of the 119.07 Fibonacci extension.”
“Above 119.07 lies the January and October 2006 highs at 119.40/88 and also the psychological 120.00 region.”
Key Quotes
“USD/JPY appears to have failed at the 1.618 Fibonacci extension cutting in at 119.07. The daily RSI has turned more negative and the near term risk is for a slide back to 116.11, 11th November high and the 114.06 uptrend.”
“However very near term the 117.20 support will need to be eroded to confirm this scenario – and while above here we remain unable to rule out a retest of the 119.07 Fibonacci extension.”
“Above 119.07 lies the January and October 2006 highs at 119.40/88 and also the psychological 120.00 region.”