10 Feb 2014
Flash: USD/JPY limited to 103.43? - UOB Group
FXStreet (Barcelona) - Quek Ser Leang, Market Strategist at UOB Group expects a further counter-trend rally but USD/JPY is likely limited to 103.43.
Key Quotes
“The strong support highlighted at 100.62 last week held and the subsequent rally is trying to break convincingly above the immediate resistant at 102.70. While a break above this level will not be surprising, any further up-move will likely be limited to the next resistant at 103.43.”
“Overall, the current up-move is likely a counter trend rally and a break back below 101.40 will suggest another attempt to take out the strong mid-term support at 100.62.”
“Supports: 101.40, 100.62 Resistants: 102.70, 103.43.”
Key Quotes
“The strong support highlighted at 100.62 last week held and the subsequent rally is trying to break convincingly above the immediate resistant at 102.70. While a break above this level will not be surprising, any further up-move will likely be limited to the next resistant at 103.43.”
“Overall, the current up-move is likely a counter trend rally and a break back below 101.40 will suggest another attempt to take out the strong mid-term support at 100.62.”
“Supports: 101.40, 100.62 Resistants: 102.70, 103.43.”