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11 Mar 2014
Flash: USD/JPY bounces off 38.2% Fibonacci retracement at 102.55 - Commerzbank
FXStreet (Barcelona) - Axel Rudolph, Senior Technical Analyst at Commerzbank notes that on Monday USD/JPY bounced off the 38.2% Fibonacci retracement at 102.55 and now targets the 61.8% Fibonacci retracement of this year’s decline at 103.66.
Key Quotes
“Should last week’s high at 103.77 be bettered, the 78.6% Fibonacci retracement at 104.45 will be in focus, en route to the more important 105.45/50 recent highs and long term Fibonacci level.”
“Slips should find support around the 38.2% Fibonacci retracement at 102.55. Further minor support can be seen around the 101.77 late January low and along the six month support line at 101.48.”
Key Quotes
“Should last week’s high at 103.77 be bettered, the 78.6% Fibonacci retracement at 104.45 will be in focus, en route to the more important 105.45/50 recent highs and long term Fibonacci level.”
“Slips should find support around the 38.2% Fibonacci retracement at 102.55. Further minor support can be seen around the 101.77 late January low and along the six month support line at 101.48.”