1 Dec 2014
USD/JPY holding Imoku 1 support for now – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that USD/JPY very near term is seeing recovery off the Imoku 1 support at 117.92 today.
Key Quotes
“Overhead lies the 1.618 Fibonacci extension at 119.07 and the Elliott wave count and TD perfected set up on the 240 minute chart again point to initial failure. Above 119.07 lies the January and October 2006 highs at 119.40/88 and also the psychological 120.00 region and a move to here cannot be ruled out.”
“The daily RSI has not confirmed the recent high and this suggests caution – support is found 117.20/92 and only below here will trigger losses to 116.11, 11th November high and the 114.34 uptrend.”
Key Quotes
“Overhead lies the 1.618 Fibonacci extension at 119.07 and the Elliott wave count and TD perfected set up on the 240 minute chart again point to initial failure. Above 119.07 lies the January and October 2006 highs at 119.40/88 and also the psychological 120.00 region and a move to here cannot be ruled out.”
“The daily RSI has not confirmed the recent high and this suggests caution – support is found 117.20/92 and only below here will trigger losses to 116.11, 11th November high and the 114.34 uptrend.”