Forex Flash: USD/JPY consolidates below key resistance – Commerzbank
Forex pairs in this Article »
USD/JPY
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank has taken a look at USDJPY from a technical perspective.
USDJPY is consolidating just below key resistance at 83.15 where the 2011-12 resistance line falls notes Jones. She feels that this is tough near term resistance for the market and we could well hold here again.
The market has reacted back to initial support at 81.78, the April high and last weeks lows sit at 81.68 with a move below increasing the risk of a deeper corrective set back to 80.63, the June high. Jones is currently long at 82.21 with a stop at 81.65 and a target of 85.00.
USDJPY is consolidating just below key resistance at 83.15 where the 2011-12 resistance line falls notes Jones. She feels that this is tough near term resistance for the market and we could well hold here again.
The market has reacted back to initial support at 81.78, the April high and last weeks lows sit at 81.68 with a move below increasing the risk of a deeper corrective set back to 80.63, the June high. Jones is currently long at 82.21 with a stop at 81.65 and a target of 85.00.
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