USD/JPY Still Targets 106.63 – Commerzbank
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, a visit to the 106.60 area remains on the cards.
“USD/JPY charted an inside day on Friday as it attempts to absorb some of last weeks sharp falls”.
“It remains on course for the 106.63/38.2% retracement of the move up from 2012”.
“In this vicinity we also find the 200 month ma at 105.87 and we suspect that the market will attempt to stabilise here”.
“We note the TD perfected set up on the daily chart and the 13 count and would expect 106.63/105.87 to hold, we would tighten up stops on short positions”.
(Market News Provided by FXstreet)