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13 Mar 2014
Flash: USD/JPY retests the 38.2% Fibonacci retracement at 102.55 - Commerzbank
FXStreet (Barcelona) - Axel Rudolph, Senior Technical Analyst at Commerzbank notes that USD/JPY once again sits on the 38.2% Fibonacci retracement at 102.55.
Key Quotes
“However (it) could still reach the 61.8% Fibonacci retracement of this year’s decline at 103.66 as long as 102.55 underpins on a daily closing basis. Should last week’s high at 103.77 be bettered, the 78.6% Fibonacci retracement at 104.45 will be in focus, en route to the more important 105.45/50 recent highs and long term Fibonacci level.”
“Possible slips through the 38.2% Fibonacci retracement at 102.55 would push the 101.77 late January low and the six month support line at 101.58 back to the fore.”
Key Quotes
“However (it) could still reach the 61.8% Fibonacci retracement of this year’s decline at 103.66 as long as 102.55 underpins on a daily closing basis. Should last week’s high at 103.77 be bettered, the 78.6% Fibonacci retracement at 104.45 will be in focus, en route to the more important 105.45/50 recent highs and long term Fibonacci level.”
“Possible slips through the 38.2% Fibonacci retracement at 102.55 would push the 101.77 late January low and the six month support line at 101.58 back to the fore.”