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28 Jan 2014
Flash: USD/JPY has sold off the 102.05 38.2% Fibo - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY has sold off the 102.05 38.2% Fibo.
Key Quotes
“Given that yesterdays rebound failed at the 38.2% retracement at 102.94 (of the sell off from 104.85) immediate pressure remains on the downside and we look for a slide back to 101.00 and possibly 100.00, the 50% and the 61.8% retracement of the move up from October.”
“Rallies will find additional resistance at 103.70 and the 20 day ma at 104.09.”
Key Quotes
“Given that yesterdays rebound failed at the 38.2% retracement at 102.94 (of the sell off from 104.85) immediate pressure remains on the downside and we look for a slide back to 101.00 and possibly 100.00, the 50% and the 61.8% retracement of the move up from October.”
“Rallies will find additional resistance at 103.70 and the 20 day ma at 104.09.”