26 Aug 2015
USD/JPY faces tough barrier at 121.30 – Commerzbank
FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the pair’s upside facing strong resistance around 121.30.
Key Quotes
“USD/JPY has rallied to and so far stalled at the 120.41 July low, this resistance is reinforced by the 120.73 200 day ma - we look for failure circa 121.30”.
“The market should find minor support at 118.33/25 (March low) en route to the 116.15/115.85 2015 low and the recent low”.
“Directly below here lies the 2012-2015 115.14 uptrend Below here lies the 23.6% retracement of the entire move up from the 2011 low – this is located at 113.98. We do look for this to hold the initial test”.
Key Quotes
“USD/JPY has rallied to and so far stalled at the 120.41 July low, this resistance is reinforced by the 120.73 200 day ma - we look for failure circa 121.30”.
“The market should find minor support at 118.33/25 (March low) en route to the 116.15/115.85 2015 low and the recent low”.
“Directly below here lies the 2012-2015 115.14 uptrend Below here lies the 23.6% retracement of the entire move up from the 2011 low – this is located at 113.98. We do look for this to hold the initial test”.