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28 Feb 2014
Flash: USD/JPY support line eroded, suggests further weakness - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY has eroded the 101.72 3 month support line.
Key Quotes
“This has served to negate the near term upside bias and the risk is that the market will re-test the 100.75 February low and the 100.18 200 day ma.”
“The market is capped n the topside by its 55 day ma at 103.28. This guards 104.45 en route to the more important 105.45/50 recent high and long term Fibo.”
“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 99.41.”
Key Quotes
“This has served to negate the near term upside bias and the risk is that the market will re-test the 100.75 February low and the 100.18 200 day ma.”
“The market is capped n the topside by its 55 day ma at 103.28. This guards 104.45 en route to the more important 105.45/50 recent high and long term Fibo.”
“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 99.41.”