8 Apr 2014
USD/JPY easing back from the top of a channel - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY has sold off from the top of a shallow up channel, which today is located at 104.08, and we would allow for a small dip back (there are conflicting signals – but scope for a slide back towards 102.27/05).
Key Quotes
“Beyond this we should see recovery to 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.”
“Please note however that there are a number of conflicting signals and it is possible that the market will react right back to the base of its channel currently at 101.37.”
“We have a multitude of supports between 101 and 100. We look for this ‘zone’ to underpin. Initial support is the 102.46/58, 55 day ma.”
Key Quotes
“Beyond this we should see recovery to 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.”
“Please note however that there are a number of conflicting signals and it is possible that the market will react right back to the base of its channel currently at 101.37.”
“We have a multitude of supports between 101 and 100. We look for this ‘zone’ to underpin. Initial support is the 102.46/58, 55 day ma.”