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11 Dec 2014
USD/JPY still under pressure after failing to sustain the upside break – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that the failure to sustain the break of 121.40 levels led the USD/JPY to dive under pressure, forecasting the pair to extend losses to 117.25/20 levels.
Key Quotes
“USD/JPY is under pressure – it has recently failed to sustain the break of the 121.40 December 2005 high, the daily RSI has diverged and overhead lies its 14 year downtrend at 122.70. This 122.50/123.00 band represents a major upside objective for us. The market has failed here. We look for losses to 117.25/20 then the 116.11, 11th November high and the 116.56 uptrend. Failure here will target the 55 day ma at 113.02.”
“Should the market break through 123.00 (not favoured) we have nothing until the 124.14 2007 high.”
Key Quotes
“USD/JPY is under pressure – it has recently failed to sustain the break of the 121.40 December 2005 high, the daily RSI has diverged and overhead lies its 14 year downtrend at 122.70. This 122.50/123.00 band represents a major upside objective for us. The market has failed here. We look for losses to 117.25/20 then the 116.11, 11th November high and the 116.56 uptrend. Failure here will target the 55 day ma at 113.02.”
“Should the market break through 123.00 (not favoured) we have nothing until the 124.14 2007 high.”