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Forex pairs in this Article » USD/JPY (London) - Karen Jones, analyst at Commerzbank, said the USD/JPY temporarily topped.

It did so just ahead of the 101.28 cloud, and the previous uptrend, which now acts as resistance at 101.27. She also notes the 13 count on the 240 minute chart; all 3 suggest that we should see initial failure here.

“In order for the chart pattern to come under pressure however we will need to see a break back below the base of the cloud at 98.15. Below here will leave the market on the defensive and likely to slide back to 97.27/96.44/95.25 en route to the 93.75 recent low. Above the cloud will target the 103.74 May high.”
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