Back
27 Nov 2013
Flash: USD/JPY consolidating ahead of further gains - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY charted an inside day to leave our outlook unchanged.
Key Quotes
“The market is consolidating at the 101.54/60 July high and 78.6% Fibonacci retracement of the May-to-June decline and targets the 103.74 2013 high.”
“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.”
“Minor support is seen around the September high at 101.03 the accelerated uptrend, and the 100.62 September high. We will stay bullish while above the 99.56 November 19 low.”
Key Quotes
“The market is consolidating at the 101.54/60 July high and 78.6% Fibonacci retracement of the May-to-June decline and targets the 103.74 2013 high.”
“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.”
“Minor support is seen around the September high at 101.03 the accelerated uptrend, and the 100.62 September high. We will stay bullish while above the 99.56 November 19 low.”