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31 Mar 2014
USD/JPY heading to the top of the cloud - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY is bid in its range and has at last cleared the 55 day ma at 102.54 and is heading to the top of cloud resistance at 103.10.
Key Quotes
“It is looking less likely that we will see a slide towards the 100.77 February trough and the 200 day moving average at 100.62. Above 103.10 will target the 103.77 March high and the 104.45/78.6% retracement.”
“We suspect a 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. This area is also reinforced by the 55 week ma at 100.15.”
Key Quotes
“It is looking less likely that we will see a slide towards the 100.77 February trough and the 200 day moving average at 100.62. Above 103.10 will target the 103.77 March high and the 104.45/78.6% retracement.”
“We suspect a 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. This area is also reinforced by the 55 week ma at 100.15.”