6 Feb 2014
Flash: USD/JPY looking for stabilisation circa 100.35/00 - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY has a multitude of supports between 101 and 100 and she suspects that the market may attempt to stabilise in this vicinity.
Key Quotes
“At 100.09 we also find the 200 day ma. The market is trading at the base of its cloud at 101.18 today (we have seen a minor penetration of this but not a close below here) and on the 240 minute chart we also have a 13 count and TD support circa 100.35.”
“Additionally the 55 week ma is found at 98.86 and reinforces this band of support. Rallies will initial resistance at 101.77/87 and stronger resistance at 103.45/07 (20 day ma).”
Key Quotes
“At 100.09 we also find the 200 day ma. The market is trading at the base of its cloud at 101.18 today (we have seen a minor penetration of this but not a close below here) and on the 240 minute chart we also have a 13 count and TD support circa 100.35.”
“Additionally the 55 week ma is found at 98.86 and reinforces this band of support. Rallies will initial resistance at 101.77/87 and stronger resistance at 103.45/07 (20 day ma).”