May 7, 2013
Forex Flash: USD/JPY likely to break out its bullish triangle soon – Commerzbank
FXstreet.com (Barcelona) - As the USD/JPY continues to get ever closer to the 99.74/100.00 resistance area, Commerzbank analysts believe the pair is likely to break out of its bullish triangle soon: “This resistance zone is likely to cap once again, before eventually being breached”, wrote analyst Axel Rudolph. “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 continued, adding that the remains short term bullish while trading above the 96.99 late April low, while if slipped through, dips lower should find support at 96.71, the March high, and at 95.67, the mid-April low. “Key support remains trend and cloud support at 95.78/94.21 and we look for this to hold the downside and provoke recovery, if reached at all that is”, the Commerzbank analyst added.