FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, notes the likeliness of the pair to climb to higher levels.
“USD/JPY has seen a small pullback – it has yet to register a close above the 102.80 June high and the market just consolidating gains”.
“The market has recently eroded the 2014 resistance line and in doing so suggests further short term gains to the 104.13 April peak”.
“This together with the 104.45 78.6% retracement are regarded as the last defence for the 105.45 2014 high”.
“The market has not yet closed above the 102.80 June high and may see a small dip back to 102.65/35 ahead of further gains”.
“The market should be well supported on dips to the 102.00/101.90 zone. The previous downtrend is offering support at 102.24”.