USD/JPY bullish above 117.86 – Commerzbank

By FXStreet FXStreet (Edinburgh) – In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s stance remains bullish above the 117.86 level.

Key Quotes

“USD/JPY has at last broken higher above tough resistance at 121.60/122.04 offered by the October high, late August 2015 high, December 2014 high, March 2015 high and the 61.8% retracement”.

“The rally has already reached 123.33, the 78.6% retracement around which we may see some consolidation”.

“We note the two 13 counts on the hourly chart and dips lower are indicated to terminate circa 122.45/121.80”.

“We look for dips lower to find initial support at 121.15 the accelerated uptrend ahead of the 3 month support line at 118.92. Key support remains 117.86 the 2012-2015 uptrend while above here we are bullish”.
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Source:: FX Street