USD/JPY now focuses on 121.76/122.04 – Commerzbank

By FXStreet FXStreet (Edinburgh) – The recent consolidation now prompts the pair to focus on the tough barrier at 121.76/122.04, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/JPY looks to be consolidating circa the 200 day moving average at 121.00, attention is on tough resistance at 121.76/122.04 offered by the late August 2015 high, December 2014 high, March 2015 high and the 61.8% retracement”.

“This remains the break up point to 123.33, the 78.6% retracement and 125.00/28 (the August high).It is tough resistance and it is likely to take several attempts”.
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Source:: FX Street