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Forex pairs in this Article » USD/JPY (Athens) – Karen Jones, Head Technical Analyst at Commerzbank mentions that the USD/JPY has reached its initial target of the 200 day ma at 96.74 and we note the TD perfected set up on the daily chart and as a consequence would tighten the stop on short positions.

Key Quotes

“The market continues to target the August low at 95.80 and the 95.63 5 month support line. This is expected to hold the downside on the initial test (although we are less convinced that this will hold and provoke reversal).”

“We are alert to the increased probability of a break lower.The short term resistance line offers initial resistance at 98.05 ahead of the 100.62 September high then 101.54/60 July high and the Fibonacci retracement.”
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