May 6, 2013
Forex: USD/JPY aims 99.70/100.00 and then 101.27/67 – Commerzbank
FXstreet.com (Barcelona) - The USD/JPY remains sidelined above the 96.99 late April low, but dips lower should find support at 96.71, the March high, and at 95.67, the mid-April low, while key support remains trend and cloud support at 95.40/94.13. “We look for this to hold the downside and provoke recovery, if reached at all that is”, wrote Commerzbank analyst Axel Rudolph. Provided this holds the downside, the USD/JPY targets the 99.70/100.00 resistance area (recent high, Fibonacci retracement and psychological resistance): “This resistance zone is being targeted at present but is likely to cap once again, before eventually being breached. Above here will see an extension to 101.27/67 (the 1999 and 2005 lows). This resistance area is expected to hold the initial test”, he added.