Apr 25, 2013
Forex Flash: USD/JPY with tough resistance but targets 101.27/67 - Commerzbank
FXstreet.com (Barcelona) - Commerzbank analysts are still biased to the upside as the USD/JPY continues to probe at the 99.70/100.00 recent high, Fibonacci retracement and psychological resistance. “This is tough resistance. Intraday dips lower should find support now at 97.50 and be contained by 96.45. Failure here would imply a retest of trend and cloud support at 94.70/53”, wrote analyst Karen Jones, targeting 101.27/67 (the 1999 and 2005 lows). “This is expected to hold the initial test. Should this be cleared this will see a target of 105.50 engage, this is the 61.8% retracement of the move down from the 2007 peak”, she said.