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

By FXstreet.com,  January 07, 2013, 07:42:00 AM EDT

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).




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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