USD/JPY Testing Key Supporting Fibo Area - Commerzbank
Axel Rudolph, analyst at Commerzbank noted USD/JPY's
drop through 106.63 38.2% Fibonacci retracement of the move up from
2012 and trajectory towards the 200 month and week moving averages at
105.86/23.
Key Quotes:
"This area is key
support and we continue to look for it to underpin the market. We have
minor resistance at the 20 day moving average at 109.23 and stronger
resistance at 111.73/90....To see any real upside scope emerge we need
recovery through this secondary level."
