13 Aug 2015
USD/JPY retains a bullish bias short term – Commerzbank
FXStreet (Edinburgh) - In the view of Axel Rudolph, Senior Technical Analyst at Commerzbank, USD/JPY remains underpinned above the 123.01 level.
Key Quotes
“Yesterday’s key day reversal means that an interim top has been formed at 125.28 and that the 61.8% Fibonacci retracement and 55 day moving average at 123.78/68 could be hit”.
“We will retain our medium term bullish forecast while the 123.01 late July low underpins, however”.
“Only failure there would mean that a significant top has been formed at 125.28 and that a slip back towards the four month support line at 121.35 could be seen”.
Key Quotes
“Yesterday’s key day reversal means that an interim top has been formed at 125.28 and that the 61.8% Fibonacci retracement and 55 day moving average at 123.78/68 could be hit”.
“We will retain our medium term bullish forecast while the 123.01 late July low underpins, however”.
“Only failure there would mean that a significant top has been formed at 125.28 and that a slip back towards the four month support line at 121.35 could be seen”.