USD/JPY further weakness on the cards? – Commerzbank

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Edinburgh) - There is the likeliness that the pair might re-visit lower levels, with 101.55 (200-d MA) being the next relevant support, commented Karen Jones, Head of FICC Technical Analysis at Commerzbank.



Key Quotes



USD/JPY has recently eroded its near term support line and is under pressure in the range, it is not dynamic and we suspect that we will just see a slow grind lower.



“Directly below lies the 200 day ma at 101.55 and this guards the 100.75/77 key support – the 2014 low and 55 week ma”.



“Rallies will find initial resistance at 102.80 ahead of the 2014 resistance line at 103.06”.



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