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USD/JPY faltering ahead of the 1.618 fibonacci extension – Commerzbank

FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank sees no change in the USD/JPY as the market appears to be faltering just ahead of the 119.40/88 highs.

Key Quotes

“USD/JPY no change, the market appears to be faltering just ahead of the January and October 2006 highs at 119.40/88 and also the psychological 120.00 region. We note the 1.618 Fibonacci extension cutting in at 119.07 and we suspect that we will see some profit taking here.”

“The daily RSI has yet to confirm the new high and reflects a loss of upside momentum.”

“Nearby support is offered by the accelerated support line and Imuko 1 cloud at 117.50/21 – while this holds further upside probes remain viable. Below would signal a slide to the 115.45 17th November low being seen, and possibly the 113.86 10th November low be back in focus. While it holds, pressure remains on the topside.”

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