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Forex: USD/JPY retreats from highs, around 96.10/15

The cross is now cashing up some gains after the unexpected figures of February’s US NFP fuelled the upside to the vicinity of 96.96, levels last seen in August 2009

Karen Jones, Head of FICC Technical Analysis at Commerzbank, remarked that the cross should surpass 95.62 and 95.77 to target higher levels. In her words, “These will need to be cleared to confirm another leg higher is underway to 99.70 (50% retracement of the 2007 to 2011 drop) and then 101.40/67 (the 2000 and 2005 lows)”.

At the moment, the cross is advancing 1.40% en 96.17 with the next resistance at 96.80 (high Aug.12 2009) followed by 97.15 (high Aug.11 2009) and then 97.45 (4-month rising channel top).
On the downside, a break below 95.25 (intraday support) would bring 94.79 (low Mar.8) and then the psychological limestone of 94.00

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