USD/JPY initial hurdle lies at 102.83 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside could find initial resistance in the 102.80 area.

Key Quotes

“USD/JPY last week attempted to stabilise just ahead of the 99.00 24th July low”.

“Intraday the market is indicated to hold over 99.00 (in fact on every time scale this is indicated to be the end of the down move. The market will find initial resistance 102.83 (2^nd August high) and will need to regain 103.55 in order to challenge the top of cloud resistance at 105.23”.

“Rallies will find additional resistance at 101.83, the 20 day ma and 103.50, the 55 day ma”.