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USD/JPY upside bias above 116.87 medium term – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair’s outlook remains positive above the 116.87 level.

Key Quotes

USD/JPY with TD perfected set up on the 240 minute chart and a 13 count on the 60 minute chart we are likely to see some weakness ahead of further gains”.
“Overhead resistance can be seen at the 200 day moving average at 120.95 and above here the market will find tough resistance at 121.76/79, the late August high and the 61.8% retracement”.

“2012-2015 uptrend at 116.87 holding, maintain a positive bias above here”.

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