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Forex Flash: USD/JPY bouncing from cloud support - Commerzbank

By FXstreet.com,  January 09, 2013, 04:16:00 AM EDT

FXstreet.com (Barcelona) - The market has been underpinned by a cloud support on the 240 minute chart since the 13th December, located at 86.72/85.74. These past hours, the USD/JPY eased back towards that area and bounced from there: "It is correcting lower very near term, having halted just below major resistance - namely 89.30, its 30 year downtrend. This is regarded as a temporary halt in the bull move ahead of a move to 93.32 - the measurement higher of the triangle", wrote analyst Karen Jones, assuming that the market remains immediately bid while above 85.25, with initial support at 85.80 (23.6% retracement).




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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