FXStreet (Edinburgh) - In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair remains well positioned to challenge the 104.13 level.
“USD/JPY has now risen above the March high at 103.77 and continues to have the April peak at 104.13 in focus”.
“Together with the 104.45 78.6% retracement, it is regarded as the last defence for the 105.45 2014 high”.
“Minor support comes in around the July peak at 103.15. We will retain our bullish view while USD/JPY remains above the current August low at 101.51”.