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27 Aug 2015
USD/JPY: in consolidation around 200 DMA - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that USD/JPY is consolidating.
Key Quotes:
"The market is pretty side lined near term while it absorbs the recent sell off. It has rallied to and so far stalled at the 120.41 July low, this resistance is reinforced by the 120.74 200 day ma - we look for failure circa 121.30. The market should find minor support at 118.33/25 (March low) en route to the 116.15/115.85 2015 low and the recent low."
"200 day ma at 120.74"
"Directly below here lies the 2012-2015 115.14 uptrend Below here lies the 23.6% retracement of the entire move up from the 2011 low – this is located at 113.98. We look for this to hold the initial test."
"Only below 113.98 would imply another leg lower to 106.60/105.85 – the 38.2% retracement of the move up from 2011. This is also the location of the 200 month ma and we would anticipate that this will hold."
Key Quotes:
"The market is pretty side lined near term while it absorbs the recent sell off. It has rallied to and so far stalled at the 120.41 July low, this resistance is reinforced by the 120.74 200 day ma - we look for failure circa 121.30. The market should find minor support at 118.33/25 (March low) en route to the 116.15/115.85 2015 low and the recent low."
"200 day ma at 120.74"
"Directly below here lies the 2012-2015 115.14 uptrend Below here lies the 23.6% retracement of the entire move up from the 2011 low – this is located at 113.98. We look for this to hold the initial test."
"Only below 113.98 would imply another leg lower to 106.60/105.85 – the 38.2% retracement of the move up from 2011. This is also the location of the 200 month ma and we would anticipate that this will hold."