9 Apr 2014
USD/JPY has sold off to the base of its channel - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY has sold off to the base of its channel at 101.38 and should attempt to recover off here.
Key Quotes
“The intraday charts are suggesting that the rebound will struggle 102.20/40 and the short term
risk remains for a retest of the base of its channel currently at 101.38.”
“We have a multitude of supports between 101 and 100. We look for this ‘zone’ to underpin. But of note are the 200 day ma at 100.78 and the 2014 low at 100.755.”
“Only above 102.50 alleviates downside pressure enough to refocus on the top of the channel at 10.409.”
Key Quotes
“The intraday charts are suggesting that the rebound will struggle 102.20/40 and the short term
risk remains for a retest of the base of its channel currently at 101.38.”
“We have a multitude of supports between 101 and 100. We look for this ‘zone’ to underpin. But of note are the 200 day ma at 100.78 and the 2014 low at 100.755.”
“Only above 102.50 alleviates downside pressure enough to refocus on the top of the channel at 10.409.”