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2 Oct 2013
Flash: USD/JPY eroding the short- term support line – Commerzbank
FXstreet.com (Athens) – Karen Jones, Head Technical Analyst at Commerzbank suggests that the USD/JPY has seen a small bounce, this has not been enough to restore upside momentum.
Key Quotes
“The market has traded below BUT not closed below the 97.73 support line. We will revert to neutral at this stage as the market is looking more vulnerable on the downside.”
“The move below 97.73 has increased the risk of further slippage to the 200 day ma at 96.46, the August low at 95.80 and the 95.52 5 month support line.”
“The 20 day ma offers initial resistance at 99.13 ahead of the 100.62 September high then 101.54/60 July high and the Fibonacci retracement.”
Key Quotes
“The market has traded below BUT not closed below the 97.73 support line. We will revert to neutral at this stage as the market is looking more vulnerable on the downside.”
“The move below 97.73 has increased the risk of further slippage to the 200 day ma at 96.46, the August low at 95.80 and the 95.52 5 month support line.”
“The 20 day ma offers initial resistance at 99.13 ahead of the 100.62 September high then 101.54/60 July high and the Fibonacci retracement.”