USD/JPY potential for further gains ahead – Commerzbank

By FXstreet.com | Updated August 06, 2014 AAA

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, notes the likeliness of the pair to climb to higher levels.



Key Quotes



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”.



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Japan's CPI's lower than expected - Rabobank

  2. Forex News

    Video: Preparing for Reality to Dawn on Our Trades

  3. Forex News

    USD/JPY: Headed south, failing on 119 handle again

  4. Forex News

    USD/JPY Scalp Targets 119.64 Resistance Ahead of GDP

  5. Forex News

    USD/JPY could hit 125.00 in the medium term – TDS

Trading Center