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USD/JPY now trades below the 116.11 Fibonacci extension target – Commerzbank

FXStreet (Barcelona) - According to Axel Rudolph, Analyst at Commerzbank, observes that the USD/JPY briefly rose above the band of resistance at 116.07 but slipped back below it this morning.

Key Quotes

“Last week USD/JPY briefly rose above the band of resistance at 116.07/11 but this morning it slipped back below it. It was the location of the quarterly cloud and the 1.272 Fibonacci extension taken from the August low to the September peak and projected up from the October low.”

“Initial support is the 113.86 10th November low. The Elliott wave count on the 240 minute chart is suggesting a retracement to 113.10/111.30.”

“Key support is the 110.67 August 2008 high and the accelerated uptrend at 111.26 – while this holds pressure remains on the topside.”

“Above this morning’s 117.06 high we have very little resistance until the 117.95 Oct 2007 high.”

“Target the 120.00 region (Medium term: 1-3 months), then 123.00 longer term.”

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