Forex Flash: USD/JPY to break higher after consolidating at key resistance - Commerzbank

FXstreet.com (Barcelona) - Commerzbank analysts believe the USDJPY is consolidating at 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 we are not surprised to see the market stall here ahead of further gains very near term", wrote analyst Karen Jones, pointing to good support at 81.78 (April high) ahead of 80.63 (June high). "Beyond some consolidation we favor 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.