FXStreet (Edinburgh) - In the view of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair could attempt a consolidation pattern in the very near term.
“USD/JPY has now risen above the March high at 103.77 and so far rose to 103.96. It continues to have the April peak at 104.13 in focus but is expected to consolidate below it today”.
“Together with the 104.45 78.6% retracement, 104.13 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”.