FXStreet (Edinburgh) -The pair would remain bid while above the 100.77/101.28 band, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
“USD/JPY is in a range, its recent selloff held over Fibo support at 101.51 and it is recovering in its range”.
“While the 55 week ma at 101.28 together with the 2013-2014 support line at 100.77 hold, scope will remain for recovery longer term”.
“Intraday Elliott counts are neutral. Initial target is the 103.15 recent high and then we favour further gains to the 104.13 April peak. This together with the 104.45 78.6% retracement are regarded as the last defence for the 105.45 2014 high”.