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Forex Flash: USD/JPY profit taking at 30-year resistance line - Commerzbank

By FXstreet.com,  January 11, 2013, 03:47:00 AM EDT

FXstreet.com (Barcelona) - Commerzbank analysts expected profit taking after reaching 89.30 (30-year resistance line): "It remains under pinned by its cloud support on the 240 minute chart, which is currently located at 87.56/86.54", wrote analyst Karen Jones. "This has under pinned the market since the 13th December and while above here it remains bid", Jones added, targeting 93.32, the measurement higher of the triangle. "We have an accelerated 2 month uptrend at 85.55 today and while above here we will assume that the market remains immediately bid", continued the Commerzbank analyst, pointing to initial support at 85.80 (23.6% retracement) just ahead of here.




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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