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