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”.

You May Also Like

Related Forex Analysis
  1. Forex News

    Bank of Japan: Odds for additional action quite low - RBS

  2. Forex News

    BoJ preview: Focus on QQE implications - Deutsche Bank

  3. Forex News

    USD/JPY close below 121.00; first negative day in five

  4. Forex News

    USD/JPY Confluence Could Provide Support Near 120

  5. Forex News

    USD/JPY wobbling near 121.00

Trading Center