Free Trial

CZKJPY Found Support Above 38.2% Fibo Level

  • CZKJPY has been retracing higher this week after finding support slightly above 4.9570, which corresponds to the 38.2% Fibo retracement of the 4.4360 – 5.2790 range.
  • The rise in uncertainty over the economic outlook has been weighing on the koruna this month (relative to the ‘safe’ haven Yen); CZKJPY broke below its 200DMA two weeks ago, which had acted as a strong support line in the latest bull market.
  • ST resistance to watch on the topside stands at 5.08 (23.6% Fibo), followed by 5.0980 (200DMA).
  • On the downside, next support to watch below 4.9570 stands at 4.8580 (50% retracement).

Source: Bloomberg/MNI

To read the full story


MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.