USD/JPY resistance lies at 102.38/42 – Commerzbank

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Edinburgh) - Intraday rallies in USD/JPY should initially find resistance around 102.38/42, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.



Key Quotes



“USD/JPY’s rebound off the 200 day ma has been pretty tepid”.



‘Attention has reverted to the 200 day ma at 101.61 and this guards the 100.75/78 key support – the 2014 low and 55 week ma”.



“Rallies will find initial resistance at 102.38/42 (2 month resistance line) ahead of the 2014 resistance line at 102.95”.



“We currently have no strong bias either way”.



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