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27 Jan 2014
Flash: USD/JPY sells off the 102.05 38.2% Fibo - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY sold off aggressively on Thursday and Friday last week and exceeded the 38.2% retracement at 102.05 (of the move up from October 2013) but has not sustained the initial break.
Key Quotes
“It is possible that we will see some consolidation, but the 240 minute currently is suggesting that rebounds are likely to terminate 102.65/103.10 for a slide back to 101.00 possibly 100.00, the 50% and the 61.8%.
“Rallies will find additional resistance at 103.70 and the 20 day ma at 104.21.”
Key Quotes
“It is possible that we will see some consolidation, but the 240 minute currently is suggesting that rebounds are likely to terminate 102.65/103.10 for a slide back to 101.00 possibly 100.00, the 50% and the 61.8%.
“Rallies will find additional resistance at 103.70 and the 20 day ma at 104.21.”