11 Feb 2015
USD/JPY breaks higher from a symmetrical triangle - Commerzbank
FXStreet (Mumbai) - “USD/JPY has broken higher from its converging range and despite strong overhead resistance we will simply go with this break”, notes Commerzbank Analyst, Karen Jones in her report.
She further stated, “The market has broken up from a symmetrical triangle which offers an upside measured target to 125.45. Initial resistance is the 121.86 December high then the 122.45 15 year downtrend. Due to the fact that patterns do not out weight downtrends, 122.45 will be our target for now. Below the market the 20 day ma at 118.04 guards115.55/50 (Mid December low and the 38.2% retracement). “
At the moment, USD/JPY remains elevated at 119.55 levels, recording a 0.10% gain on the day, retreating from session’s high posted at 119.67 levels.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.91 (Jan 9 High) levels and above which it could extend gains 120.25 (Dec 4 High) levels. To the downside immediate support might be located at 119.10 (5-DMA) levels, below that at 118.69 (50-DMA) levels.
She further stated, “The market has broken up from a symmetrical triangle which offers an upside measured target to 125.45. Initial resistance is the 121.86 December high then the 122.45 15 year downtrend. Due to the fact that patterns do not out weight downtrends, 122.45 will be our target for now. Below the market the 20 day ma at 118.04 guards115.55/50 (Mid December low and the 38.2% retracement). “
At the moment, USD/JPY remains elevated at 119.55 levels, recording a 0.10% gain on the day, retreating from session’s high posted at 119.67 levels.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.91 (Jan 9 High) levels and above which it could extend gains 120.25 (Dec 4 High) levels. To the downside immediate support might be located at 119.10 (5-DMA) levels, below that at 118.69 (50-DMA) levels.