12 Sep 2013
Flash: USD/JPY stalling - Commerzbank
FXstreet.com (London) - Karen Jones at Commerzbank notes the price movement in the Yen is stalling to the upside.
Key quotes:
“USD/JPY has stalled at 100.62 and looks set for some further near term weakness. There is a substantial divergence of the 240 minute RSI and we suspect that we will see some near term consolidation”.
“Near term support remains to be seen along the 55 day
ma at 98.90”.
“The triangle remains valid above the 97.10 support line, but ideally we should now see dips hold circa 98.76”.
“The market broke higher from a 5 month triangle last week and our initial upside target is the 101.54/60 July high and the Fibonacci retracement”.
“However the triangle offers a the potential for a substantial upswing. The measured target is approximately at 109/110.00, with a Fibonacci retracement offering a 105.48 resistance point en route”.
“Current Position: Long at 99.48. Recommended Trade: Add 98.90. Stop 97.90. Exit 101.50”.
Key quotes:
“USD/JPY has stalled at 100.62 and looks set for some further near term weakness. There is a substantial divergence of the 240 minute RSI and we suspect that we will see some near term consolidation”.
“Near term support remains to be seen along the 55 day
ma at 98.90”.
“The triangle remains valid above the 97.10 support line, but ideally we should now see dips hold circa 98.76”.
“The market broke higher from a 5 month triangle last week and our initial upside target is the 101.54/60 July high and the Fibonacci retracement”.
“However the triangle offers a the potential for a substantial upswing. The measured target is approximately at 109/110.00, with a Fibonacci retracement offering a 105.48 resistance point en route”.
“Current Position: Long at 99.48. Recommended Trade: Add 98.90. Stop 97.90. Exit 101.50”.