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Forex Flash: USD/JPY erodes 55-month MA at 87.23 - Commerzbank

By FXstreet.com,  January 04, 2013, 03:00:00 AM EDT

FXstreet.com (Barcelona) - Commerzbank analysts saw the 55-month moving average at 87.23 being eroded despite charting a TD combo 13 (hints of a possible correction). "At this stage we remain unable to rule out further gains to 89.30 - its 30 year downtrend, where we would expect to see profit taking and a temporary halt in the bull move ahead of a move to 93.32 - the measurement higher of the triangle", wrote Commerzbank analyst Karen Jones, assuming that the market remains immediately bid while above the accelerated 2 month uptrend, at 84.81 today.




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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