Back
17 Mar 2014
USD/JPY dropped all the way to the two month support line at 101.20 - Commerzbank
Axel Rudolph, Senior Technical Analyst at Commerzbank notes that USD/JPY suddenly fell out of bed and slipped all the way to the two month support line at 101.20 last week where we expect it to hold today.
Key Quotes
“If not, the 100.77 February trough will be in focus and also the 200 day moving average at 100.30.Resistance now comes in around the 23.6% Fibonacci retracement at 101.86 and between the 38.2% Fibonacci retracement at 102.55 and the February high at 102.83 as well as the mid-January low at 102.85.”
“We have a multitude of supports between 101 and 100. We look for this ‘zone’ to underpin. This area is also reinforced by the 55 week ma at 99.74.”
Key Quotes
“If not, the 100.77 February trough will be in focus and also the 200 day moving average at 100.30.Resistance now comes in around the 23.6% Fibonacci retracement at 101.86 and between the 38.2% Fibonacci retracement at 102.55 and the February high at 102.83 as well as the mid-January low at 102.85.”
“We have a multitude of supports between 101 and 100. We look for this ‘zone’ to underpin. This area is also reinforced by the 55 week ma at 99.74.”