he dollar may strengthen to 88 yen after finding support as indicated by the graphic Ichimoku, Commerzbank AG, said.
"Dollar-yen continues to recover after testing support at 82.32, the baseline of nine days, known as the kins," said Karen Jones, head of fixed income, commodities and currency technical analysis Commerzbank in London, in an interview today. "Kinser's support comes in at 82.48 today. Also supported on 82.31, 50 percent Fibonacci retracement of the move down from May."
This area represents "a short term basis, reinforced by the Ichimoku" said Jones.
Ichimoku letters are used to predict the direction of a coin by analyzing the midpoints of highs and lows. Line charts conversion of the sum of the highest high and lowest low over the last nine trading days. The baseline is the same calculation in the last 26 days.
The dollar fell 0.1 percent to 83.95 yen at 10:07 am in London. The last time it reached 88 yen on September 28.
"Dollar-yen is still above the Ichimoku, and our longer term outlook remains positive," said Jones. "Our goals are high September at 85.94, then the 200 day moving average around 87.48 before 88.00, a significant turning point."
The tag refers to the area between the lines first section and the second leader in the table and is used to show an area where buy orders may be grouped.
In technical analysis, investors and analysts charts on trading patterns and prices to forecast changes in the security, commodity, currency or index. Fibonacci analysis is based on the theory that prices rise or fall in certain percentages after reaching a high or low. NTE Lead Japan
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