USD/JPY sidelining prevails – Commerzbank

By FXstreet.com | July 28, 2014 AAA

FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair remains in a consolidative pattern.



Key Quotes



USD/JPY’s rebound last week from its 101.16 55 week m.a took it to cloud resistance on the daily chart, where the move halted”.



“This is located at 101.91/95 today and is reinforced by the 2014 downtrend at 102.39”.



“We view this market as sidelined and until we take out the downtrend on a closing basis this will remain the case”.



“Longer term the market is sidelined but underpinned by the 2013-2014 uptrend at 100.59 and the 55 week ma at 101.11. Our stance is neutral”.



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