Back
12 Apr 2013
Forex Flash: USD/JPY pullbacks should not be ruled out – Commerzbank
FXstreet.com (Barcelona) - The Japanese yen found renewed strength on Friday, falling from Thursday tops in levels just shy of the triple-digit mark to the current levels around the key support at 99.00.
“We remain somewhat nervous of a correction lower unfolding below 100.00… Given the 13 count on the 60 minute chart, we would tighten up stops considerably as the 240 minute chart is indicating a retracement back into the 97.05/95.30 band”, recommended Karen Jones, Head of FICC Technical Analysis at Commerzbank. However, the expert targets 101.27 longer term, ahead of 105.50.
“We remain somewhat nervous of a correction lower unfolding below 100.00… Given the 13 count on the 60 minute chart, we would tighten up stops considerably as the 240 minute chart is indicating a retracement back into the 97.05/95.30 band”, recommended Karen Jones, Head of FICC Technical Analysis at Commerzbank. However, the expert targets 101.27 longer term, ahead of 105.50.