4 Apr 2014
USD/JPY at the top of a channel - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY continues to sit at the top of a shallow up channel, which today is located at 104.05, and we would allow for a small dip back.
Key Quotes
“This break higher targets the 104.45/78.6% retracement. We suspect there is scope to retest of the 105.45 2014 high, however rallies are likely to stall in this vicinity.”
“We have a multitude of supports between 101 and 100. We look for this ‘zone’ to underpin. Initial support is the cloud at 103.10 and the 102.55/52 55 day ma.”
Key Quotes
“This break higher targets the 104.45/78.6% retracement. We suspect there is scope to retest of the 105.45 2014 high, however rallies are likely to stall in this vicinity.”
“We have a multitude of supports between 101 and 100. We look for this ‘zone’ to underpin. Initial support is the cloud at 103.10 and the 102.55/52 55 day ma.”