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20 Dec 2013
Flash: USD/JPY rebound off 20D MA reasserts upmove - Commerbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY consolidated yesterday, and it has seen a strong rebound near term from the 20 day ma at 102.81.
Key Quotes
“We suspect has reasserted its upmove. The market has cleared the 103.74 2013 high and we shall just go with it.”
“We do have a time zone gap back to 103.28 and we would allow for that to be filled. Longer term, the market has recently broken up from a large triangle and this points to a longer term target of 108.86.”
“We have an additional target en route at 105.48, the 61.8% retracement of the move down from 2007.”
Key Quotes
“We suspect has reasserted its upmove. The market has cleared the 103.74 2013 high and we shall just go with it.”
“We do have a time zone gap back to 103.28 and we would allow for that to be filled. Longer term, the market has recently broken up from a large triangle and this points to a longer term target of 108.86.”
“We have an additional target en route at 105.48, the 61.8% retracement of the move down from 2007.”