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USD/JPY bullish above 104.68 – Commerzbank

FXStreet (Edinburgh) - The pair will keep the upside bias as long as it trades above the 104.68 level, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

USD/JPY has eroded the 106.47 200 month ma and continues to grind relentlessly higher”.

“We note the second 13 count on the daily chart and this suggests caution, however so far the market has ignored these”.

“Near term we are concerned that we will see a small retracement but should find support circa 105.50/27”.

“We will retain our immediately bullish view while USD/JPY trades above the September 5th low at 104.68”.

“Above lies the 107.48 2010-2014 resistance line and the 12 year downtrend at 108.55”.

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