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.



Key Quotes



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”.



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Preview for FOMC Meeting and Trade Setups for USD-pairs

  2. Forex News

    USD/JPY to recapture critical juncture

  3. Forex News

    USD/JPY points towards 124.46/69 – Commerzbank

  4. Forex News

    USD/JPY turns positive, treasury yields tick higher

  5. Forex News

    Kiwi flies in Asia on RBNZ Wheeler, FOMC – In Focus

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!