USD/JPY still sidelined – Commerzbank

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Edinburgh) - The USD/JPY would keep its current sideline pattern in the short term, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.



Key Quotes



USD/JPY’ essentially remains quite sidelined short term, the market is underpinned near term by the 200 day ma, which lies at 101.62 – rebounds from here have proved to be pretty tepid so far”.



“The 200 day ma at 101.62 guards the 100.75/78 key support – the 2014 low and 55 week ma”.



“Rallies will find initial resistance at 102.38/39 (2 month resistance line) ahead of the 2014 resistance line at 102.93. We currently have no strong bias either way”.



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