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19 Feb 2014
Flash: USD/JPY erosion of 20 day ma, suggests upside scope - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY continues to rebound from its 101.35 3 month support line, and as the market has also recently eroded its 20 day ma we will assume an upside bias near term.
Key Quotes
“The move above the 20 day ma suggests upside scope for further recovery and we should see a move to 103.45 (29th Jan high). This guards 104.45 en route to the more important 105.45/50 recent high and long term Fibo.”
“We have a multitude of supports between 101 and 100, we look for this ‘zone’ to under pin. This area is also reinforced by the the 200 day m.a. at 100.19 and the 55 week ma at 99.23.”
Key Quotes
“The move above the 20 day ma suggests upside scope for further recovery and we should see a move to 103.45 (29th Jan high). This guards 104.45 en route to the more important 105.45/50 recent high and long term Fibo.”
“We have a multitude of supports between 101 and 100, we look for this ‘zone’ to under pin. This area is also reinforced by the the 200 day m.a. at 100.19 and the 55 week ma at 99.23.”