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1 Nov 2013
Flash: USD/JPY on a range bound - Commerzbank
FXstreet.com (Athens) – Karen Jones Head Technical Analyst of Commerzbank, suggests that USD/JPY remains completely sidelined, hemmed in by its 4 month support line at 97.10 and 5 month resistance line at 99.18.
Key Quotes
“The 97.10 support line guards the current October low at 96.55 and the six month support line at 96.04. The market has been contained in a large contracting range for the past 6 months and currently we have no real indication that the market is ready to break out of this range.”
“Rallies will find resistance at 99.01/06 a recent high and Fibonacci retracement. We have a resistance line above here at 99.18 and again at 99.90.”
Key Quotes
“The 97.10 support line guards the current October low at 96.55 and the six month support line at 96.04. The market has been contained in a large contracting range for the past 6 months and currently we have no real indication that the market is ready to break out of this range.”
“Rallies will find resistance at 99.01/06 a recent high and Fibonacci retracement. We have a resistance line above here at 99.18 and again at 99.90.”