26 Nov 2013
Flash: USD/JPY initial target 101.54/60 met and exceeded - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY has closed above the 101.54/60 July high and 78.6% Fibonacci retracement of the May-to-June decline.
Key Quotes
“We note the 13 count on the 240 minute chart and TD resistance at 102.60 and while we would allow for a small retracement, the recent break up from a large triangle points to a longer term target of 108.86 (and we consider this target to be conservative!).”
“Obviously the 103.74 2013 high offers an interim target. Minor support is seen around the September high at 100.62, at the 99.56 November 19 low with more support coming in between the 99.10 November 12 low and the 99.01 October peak.”
“We will remain immediately bullish while the currency pair stays above the 99.56 November 19 low.”
Key Quotes
“We note the 13 count on the 240 minute chart and TD resistance at 102.60 and while we would allow for a small retracement, the recent break up from a large triangle points to a longer term target of 108.86 (and we consider this target to be conservative!).”
“Obviously the 103.74 2013 high offers an interim target. Minor support is seen around the September high at 100.62, at the 99.56 November 19 low with more support coming in between the 99.10 November 12 low and the 99.01 October peak.”
“We will remain immediately bullish while the currency pair stays above the 99.56 November 19 low.”