Forex Flash: USD/JPY on potential bull flag - Commerzbank

FXstreet.com (Barcelona) - As the USDJPY consolidates at key resistance at 82.68/83.17 (78.6% retracement of the move seen this year and the 2011-2012 resistance line), Commerzbank analysts are aware of the technical scenario: "We note that the pattern developing on the chart is a potential bull flag, this offers resistance today at 82.42 and a break above here is likely to act as the precursor to further gains", wrote analyst Karen Jones, pointing to good support is seen at 81.78 (April high) ahead of 80.63 (June high). "Beyond some consolidation we favour a break higher - above 83.17 targets 84.19, the 2012 high en route to the 200 week ma at 85.18, where we would expect initial failure", Jones added.