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USD/JPY well supported around 122.75/121.90 – Commerzbank

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, occasional pullbacks in the pair should find decent support around the 122.75/121.90 area.

Key Quotes

USD/JPY very near term is consolidating around 123.33, the 78.6% retracement”.

“We note the 13 counts on the hourly and 240 minute charts and are seeing some near term weakness (this is expected to remain shallow)”.

“Dips lower are indicated to terminate circa 122.75/121.90. The accelerated uptrend lies at 121.53 ahead of the 3 month support line at 119.02. Key support remains 117.86 the 2012-2015 uptrend, while above here we are bullish”.

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