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14 Jan 2015
USD/JPY risk shifts to the downside – Commerzbank
FXStreet (Barcelona) - Analysts at Commerzbank, anticipate USD/JPY to move towards 115.55/50 levels, with near term risks to the downside after the pair eroded the 117.90 Fibo support.
Key Quotes
“USD/JPY has eroded the 117.90 Fibo support (23.6% retracement of the move from the October 2014 low) and 55 day ma and near term risk remains n the downside. We look for losses to 115.55/50 (Mid December low and the 38.2% retracement). Below here would introduce scope for a retracement towards 113.50/111.55.”
“Interim resistance is the 120.50/85 resistance and directly above the market lies the 122.58/123.40 major resistance, this is the location of the 14 year downtrend and the long term Fibonacci retracement. It is also TD resistance on the weekly chart and we note the 13 count on the monthly chart. This is extremely tough resistance.”
Key Quotes
“USD/JPY has eroded the 117.90 Fibo support (23.6% retracement of the move from the October 2014 low) and 55 day ma and near term risk remains n the downside. We look for losses to 115.55/50 (Mid December low and the 38.2% retracement). Below here would introduce scope for a retracement towards 113.50/111.55.”
“Interim resistance is the 120.50/85 resistance and directly above the market lies the 122.58/123.40 major resistance, this is the location of the 14 year downtrend and the long term Fibonacci retracement. It is also TD resistance on the weekly chart and we note the 13 count on the monthly chart. This is extremely tough resistance.”