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.
“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”.