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USD/JPY bullish longer term – Commerzbank

FXStreet (Edinburgh) - As long as the market trades above 101.27/100.55, the pair’s stance would remain bullish, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

USD/JPY sold off back into its range following the recent failure to register a close above the 102.80 June high”.

“The sell off has held Fibo support at 101.51 and we would allow for losses back to possibly the 55 week ma at 101.27. While this together with the 2013-2014 support line at 100.55 hold, scope will remain for recovery longer term”.

“Intraday rallies are indicated to struggle on moves to 102.37. Initial target is the 103.15 recent high and then we favour further gains to the 104.13 April peak”.

“This together with the 104.45 78.6% retracement are regarded as the last defence for the 105.45 2014 high”.

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