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5 Jun 2013
Flash: USD/JPY needs to overcome 101.46 – Commerzbank
FXstreet.com (London) - Analysts at Commerzbank said that USD/JPY appears to be attempting to stabilise ahead of 55 day ma at 98.79 and the 98.65 6 month uptrend.
“This should ideally hold the initial test. Rebounds need to overcome the 101.46 resistance line in order to reassert upside pressure to the 103.74 recent high,” said Karen Jones, Senior analyst at Commerzbank. She continued to say that failure to hold the 98.65 support would imply a deeper corrective phase towards 97.46 and possibly 93.58 (the 23.6% and 38./2% retracement of the move up from September 2012.
“This should ideally hold the initial test. Rebounds need to overcome the 101.46 resistance line in order to reassert upside pressure to the 103.74 recent high,” said Karen Jones, Senior analyst at Commerzbank. She continued to say that failure to hold the 98.65 support would imply a deeper corrective phase towards 97.46 and possibly 93.58 (the 23.6% and 38./2% retracement of the move up from September 2012.