Karen Jones, analyst at Commerzbank, suggests that USD/JPY is easing back from its 50% retracement at 108.43 (of the move down from April), while this is viewed as corrective, it is possible that is may extend slightly towards the 50% retracement at 106.47 prior to stabilisation.
“We look for the market to then recover to the July and August highs as well as the 200 day moving average at 108.99/109.22. Very near term failure to hold Fibo support at 106.47 would target the 105.74 current September low. Failure at 104.10 would target the 2016 low at 99.00. Short term trend (1-3 months): Remains above the 200 month moving average at 104.38, allow for recovery to the 110.00 region.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.