USD/JPY still poised to test 121.76/122.04 – Commerzbank

By FXStreet FXStreet (Edinburgh) – Axel Rudolph, Senior Technical Analyst at Commerzbank, suggested the pair could re-visit the area of 121.76/122.04.

Key Quotes

“USD/JPY continues to range trade above its recent 120.00 low and remains well placed to tackle 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 key break up point to 123.33, the 78.6% retracement and 125.00/28 (the August high). It is solid resistance and it is likely to take several attempts to get through”.
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Source:: FX Street