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Forex pairs in this Article » USD/JPY (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY is grinding slowly higher, but we are viewing this as a return to point of break down and we should see the previous support line offer resistance at 103.44.

Key Quotes

“This rebound has not been enough to restore upside pressure and while capped by 103.70 the near term risk remains for losses to 101.00 and possibly 100.00, the 50% and the 61.8% retracement of the move up from October.”

“Rallies will find additional resistance at 103.70 and the 20 day ma at 104.01.”
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