Forex Flash: USD/JPY to be capped by 30-year downtrend at 89.30 - Commerzbank

By FXstreet.com | January 07, 2013 AAA

FXstreet.com (Barcelona) - Commerzbank analysts see a major resistance nearby: the 30-year downtrend, at 89.30. "We would expect to see some profit taking and a temporary halt in the bull move ahead of a move to 93.32 - the measurement higher of the triangle", wrote analyst Karen Jones, seeing the market immediately bid while above the accelerated 2 month uptrend at 84.95, with support at 85.80 (23.6% retracement). Jones recommend long orders at 86.50 and 85.80, with stops at 84.90 and targets at 86.833/87.23 (short term) and 89.30 (medium term).



comments powered by Disqus
Related Forex Analysis
  1. GBP/USD upside remains corrective – Commerzbank
    Forex News

    GBP/USD upside remains corrective – Commerzbank

  2. USD/CHF shows recovery attempts, as it bottomed at 0.9340
    Forex News

    USD/CHF shows recovery attempts, as it bottomed at 0.9340

  3. USD/JPY Daily Outlook - September 19
    Investing

    USD/JPY Daily Outlook - September 19

  4. SEB:  More EUR/USD buying seen above 1.2943 - eFXnews
    Forex News

    SEB: More EUR/USD buying seen above 1.2943 - eFXnews

  5. USD/CAD at Risk for Larger Downside Correction on Sticky Canada CPI
    Forex News

    USD/CAD at Risk for Larger Downside Correction on Sticky Canada CPI

Trading Center