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Forex pairs in this Article » USD/JPY (Barcelona) - Karen Jones, Head of Technical analysis at Commerzbank has taken a look at USDJPY from a technical perspective.

Jones begins by noting that USD/JOY spent the entire week consolidating just below key resistance at 83.12 which has formed in the 2011-12 resistance line. The market again has failed to overcome the 82.84 recent high and looks set to consolidate further.

She believes that the 83.12 level offers tough near term resistance for the market and that spot could well hold here again. Initial support lies at 81.78, the April high, and the recent low at 81.68 and below would increase the risk of a deeper corrective set back to 80.63, the June high.

Beyond some consolidation, Jones favours a break higher, with a break of 83.12 targeting 84.19, the 2012 high en route to the weekly 200 MA at 85.05 where she expects initial failure. Jones is currently long at 82.21 with her stop at 81.65 and a target of 85.00.
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