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22 Oct 2013
Flash: USD/JPY conflicting signals neutralize chart - Commerzbank
FXstreet.com (Athens) – Karen Jones Head Technical Analyst of Commerzbank, mentions that the USD/JPY remains fairly neutral – we can work up both bullish and bearish arguments.
Key Quotes
“While we note the 200 day ma at 97.24 guards the current October low at 96.55 and the seven month support line at 95.88. We also note that the Elliott wave count on the 240 minute chart and the 60 minute chart are giving completely different indications and for that reason we consider the chart fairly neutral.”
“Rallies will find initial resistance at 99.01/07 – last weeks high and the 61.8% retracement ahead of the 5 month resistance line at 99.48 and the 100.62 September high.”
Key Quotes
“While we note the 200 day ma at 97.24 guards the current October low at 96.55 and the seven month support line at 95.88. We also note that the Elliott wave count on the 240 minute chart and the 60 minute chart are giving completely different indications and for that reason we consider the chart fairly neutral.”
“Rallies will find initial resistance at 99.01/07 – last weeks high and the 61.8% retracement ahead of the 5 month resistance line at 99.48 and the 100.62 September high.”