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6 Aug 2013
Flash: USD/JPY has sold off to cloud base - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY has started to react lower, and has headed back into its cloud.
Key Quotes
“The market is backing away from its 100.36 resistance line and the base of the cloud at 97.75/74 is exposed.”
“Failure at the base of the cloud will leave the market under pressure and likely to slide back to 96.75/95.40 en route to the 93.75 recent low.It is vulnerable to further losses.”
“Above the 100.36 resistance line would suggest a retest of the 101.60 Fibonacci resistance. This is considered to be the last defense for the 103.74 May high.”
Key Quotes
“The market is backing away from its 100.36 resistance line and the base of the cloud at 97.75/74 is exposed.”
“Failure at the base of the cloud will leave the market under pressure and likely to slide back to 96.75/95.40 en route to the 93.75 recent low.It is vulnerable to further losses.”
“Above the 100.36 resistance line would suggest a retest of the 101.60 Fibonacci resistance. This is considered to be the last defense for the 103.74 May high.”