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2 Apr 2014
USD/JPY could rally beyond 104.00 – Commerzbank
FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the USD/JPY would have the potential to climb above the 104.00 handle.
Key Quotes
“This break higher targets the 104.45/78.6% retracement. We suspect there is scope to 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. Initial support is the cloud at 103.10 and the 102.55/52 55 day ma”.
Key Quotes
“This break higher targets the 104.45/78.6% retracement. We suspect there is scope to 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. Initial support is the cloud at 103.10 and the 102.55/52 55 day ma”.