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11 Sep 2013
Flash: USD/JPY uptrend intact, target 101.60 – Commerzbank
FXstreet.com (Lisbon) - Last week USD/JPY broke higher from a 5-month triangle and we still believe that it has resumed its up move, suggests Karen Jones, an analyst at Commerzbank.
Key quotes
Last week USD/JPY broke higher from a 5-month triangle and we still believe that it has resumed its up move, suggests Karen Jones, an analyst at Commerzbank.
“Our initial upside target is the 101.54/60 July high and the Fibonacci retracement. However the triangle offers the potential for a substantial upswing. The measured target is approximately at 109/110.00, with a Fibonacci retracement offering a 105.48 resistance point en route.”
“Near-term support remains to be seen along the 55 day ma at 98.90. The triangle remains valid above the 97.05 support line, but ideally we should now see dips hold at 99.00/98.32.”
Key quotes
Last week USD/JPY broke higher from a 5-month triangle and we still believe that it has resumed its up move, suggests Karen Jones, an analyst at Commerzbank.
“Our initial upside target is the 101.54/60 July high and the Fibonacci retracement. However the triangle offers the potential for a substantial upswing. The measured target is approximately at 109/110.00, with a Fibonacci retracement offering a 105.48 resistance point en route.”
“Near-term support remains to be seen along the 55 day ma at 98.90. The triangle remains valid above the 97.05 support line, but ideally we should now see dips hold at 99.00/98.32.”