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Flash: USD/JPY initial target 101.54/60 – Commerzbank

FXstreet.com (Barcelona) – Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY shot higher last week following the completion of its triangle.

Key Quotes

“It has eroded the 101.54/60 July high and 78.6% Fibonacci retracement of the May-to-June decline. We note the 13 count on the 240 minute chart and TD resistance at 102.60 and while this may provoke initial failure, the recent break up from a large triangle points to a longer term target of 108.86 (and we consider this target to be conservative!).”

“Obviously the 103.74 2013 high offers an interim target Minor support is seen …read more