USD/JPY attention shifted to 99.89/99.00 – Commerzbank
|In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair has now shifted its focus to the 99.89 and 99.00 levels.
Key Quotes
“USD/JPY remains on the defensive following the erosion of the 78.6% retracement and the focus is now on the 99.89 2012-2016 support line and 99.00 24th July low. Failure here would trigger losses to the 96.15 monthly cloud”.
“intraday the market is indicated to hold over 99.00 (in fact on every time scale this is indicated to be the end of the down move). The market will find initial resistance at 100.82 (previous Fibo) and 102.83 (2nd August high). Rallies will need to regain 103.55 in order to challenge the top of cloud resistance at 105.23”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.