29 Aug 2013
Flash: USD/JPY nears support at 96.60 - Commerzbank
Axel Rudolph, Senior Technical Analyst at Commerzbank notes that USD/JPY has sold off towards and held the initial test of the 96.60/59 2 month support line.
Key Quotes
“While it is possible that we will see the market rebound towards the 99.37 3 month downtrend, we look for this to contain the topside.”
“We are negative short term below here. Currently the 96.73/59 support zone is being tested. It contains the three month support line and the 61.8% Fibonacci retracement of the June-to- July rise.”
“Below these lies the five month support line at 95.00. Over the coming weeks we allow for losses back to the 94.45/93.75 support area. This is where the 200 day moving average, Fibonacci retracement and the June low are to be found.”
Key Quotes
“While it is possible that we will see the market rebound towards the 99.37 3 month downtrend, we look for this to contain the topside.”
“We are negative short term below here. Currently the 96.73/59 support zone is being tested. It contains the three month support line and the 61.8% Fibonacci retracement of the June-to- July rise.”
“Below these lies the five month support line at 95.00. Over the coming weeks we allow for losses back to the 94.45/93.75 support area. This is where the 200 day moving average, Fibonacci retracement and the June low are to be found.”