Forex Flash: USD/JPY targets 2012 high at 84.19 en route to 200 week MA - Commerzbank
Forex pairs in this Article » USD/JPY
FXstreet.com (Barcelona) - Having severed 83.12 (2011-2012 resistance line), Commerzbank analysts say the the acceleration through here suggests that this is a valid break: "We have a time zone gap back to 83.30 (the gap between where London left it and it went overnight) and we would allow for this to be filled ahead of further rallies", wrote analyst Karen Jones, targeting 84.19 (2012 high) en route to the 200 week ma, at 85.05. Next in line would be 86.83/87.13 (23.6% retracement of the move down from the 2007 peak and the December 2008 low). "Previous highs at 82.84 and the 20 day ma at 82.30 should contained moves lower in order to keep immediate pressure on the topside", Jones added.