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USD/JPY consolidating 100.61/30

FXstreet.com (London) - USD/JPY has been handed over in European trade remaining below the 20 day ma in a continuation of the near term bearish trend. The price action has been consolidating between resistance 100.61/ and supported above 100.30 overnight.

‘Currently we remain unable to rule out a stab down to the 100.00/99.65 support area (psychological support and April highs) and possibly the 98.39 6 month uptrend.’ Said Karen Jones at Commerzbank.

On the other hand, she went onto to say ‘USD/JPY has recently completed an ascending triangle and this remains valid and offers an upside measured target to 104.05. This will be engaged once last week’s high at 103.74 has been bettered. Please note that we consider this to be the end stage of this move. We would tighten stops on longs accordingly.’

Eyes will be on NFP's at the end of the week.

Key support at 99.85 and key resistance at 102.50.

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Flash: USD/JPY Under pressure – Commerbank

It has recently eroded its 20 day ma and currently we remain unable to rule out a stab down to the 100.00/99.65 support area.
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