Back
5 Apr 2013
Forex Flash: USD/JPY would target 100.00 longer-term – Commerzbank
FXstreet.com (Barcelona) - The Japanese yen keeps the area of 2013 highs around 97.00/15 on Friday, boosted by the aggressive programme of stimulus by the BoJ directed to spark inflation expectations in the domestic economy.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “USD/JPY has seen a massive acceleration higher charting a new high for the year so far. Longer term we target 99.70 (50% retracement of the 2007 to 2011 drop) and then 101.27/67 (the 1999 and 2005 lows)”. The expert also commented that technical studies – Elliott wave count – would suggest a pullback to 95.50/94.90 prior to resuming the upside.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “USD/JPY has seen a massive acceleration higher charting a new high for the year so far. Longer term we target 99.70 (50% retracement of the 2007 to 2011 drop) and then 101.27/67 (the 1999 and 2005 lows)”. The expert also commented that technical studies – Elliott wave count – would suggest a pullback to 95.50/94.90 prior to resuming the upside.