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Forex pairs in this Article » USD/JPY
FXstreet.com (Barcelona) - Axel Rudolph, Senior Technical Analyst at Commerzbank notes that USD/JPY has seen failure just ahead of the 3 month downtrend, this is located at 99.43.

Key Quotes

Together with last week’s high at 99.15 it should continue to cap the topside. We are negative short term below here.”

“Currently the 96.73/53 support zone is being tested. It contains the three month support line and the 61.8% Fibonacci retracement of the June-to July rise.”

“Below it the current August low at 95.81 and the 78.6% Fibonacci retracement at 95.42 are to be found. Below these lies the five month support line at 94.97.”

“Over the coming weeks we allow for losses back to the 94.54/93.75 support area. This is where the 200 day moving average and the June low are to be found. “
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