Flash: USD/JPY Under pressure – Commerbank

FXstreet.com (London) - Karen Jones at Commerzbank said that the USD/JPY last week corrected lower and it starts this week under pressure. 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 (psychological support and April highs) and possibly the 98.39 6 month uptrend.

She continues to say however that the 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.