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USD/JPY initial cap around the 103.00 area – Commerzbank

FXStreet (Edinburgh) - Axel Rudolph, Senior Technical Analyst at Commerzbank expects the upside in the pair to find resistance in the 102.93/103.15 band.

Key Quotes

USD/JPY is still recovering from its current August low at 101.51 and nears the 2014 resistance line at 102.93”.

“Together with the July peak at 103.15 it is expected to cap, at least temporarily, before an attempt to reach the April peak at 104.13 is being made”.

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

“Minor support comes in at the 102.27 early July high. Further support is found along the 55 day moving average at 101.99”.

“We will retain our bullish view”.

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