FXStreet (Edinburgh) - The pair would keep the bearish tone while below the 101.93 level, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
“USD/JPY is holding just above the 101.10 55 week ma”.
“The intraday counts are suggesting that this is the end of the down move for now”.
“We have exited shorts and wait for the next signal. For now the range dominates. USD/JPY remains directly offered below the near term downtrend at 101.93, although key resistance remains the 2014 downtrend at 102.50”.
“Longer term we suspect that the risk is growing for a downside break towards the 2013-2014 uptrend at 100.59”.
“We suspect that were the 100.00 level to give way, the market would really start to disintegrate”.