28 Oct 2013
Flash: USD/JPY sold off to and held the 4 month uptrend - Commerzbank
FXstreet.com (Athens) – Karen Jones Head Technical Analyst of Commerzbank USD/JPY has sold off to its 4 month support line at 96.97, which has so far held and prompted a rebound.
Key Quotes
“This guards the current October low at 96.55 and the six month support line at 95.93. The market has been contained in a large contracting range for the past 6 months and currently we have no real indication that the market is ready to break down through 95.93, but there is scope to test this level and the risk is there.”
“Rallies will find minor resistance at 98.48 ahead of 99.01/06 last weeks high.”
Key Quotes
“This guards the current October low at 96.55 and the six month support line at 95.93. The market has been contained in a large contracting range for the past 6 months and currently we have no real indication that the market is ready to break down through 95.93, but there is scope to test this level and the risk is there.”
“Rallies will find minor resistance at 98.48 ahead of 99.01/06 last weeks high.”