Forex Flash: USD/JPY re-targets 82.68/83.17 key resistance - Commerzbank
Forex pairs in this Article » USD/JPY
FXstreet.com (Barcelona) - A small bull flag was broken and the USDJPY is now expected to challenge key resistance at 82.68/83.17 (78.6% retracement of the move seen this year and the 2011-2012 resistance line). "This is tough near term resistance for the market and we could well hold here again", wrote analyst Karen Jones, pointing to good support 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.