FXStreet (Guatemala) – Karen Jones, chief analyst at Commerzbank, noted the technical conditions surrounding USD/JPY.
Key Quotes:
“USD/JPY continues to recover off the 122.04 March high, but appears unwilling as yet to tackle the 124.46 recent high and is simply side lined.”
“This suggests that the ascending triangle pattern remains still valid and the 128.15 upside measured target remains viable.”
“Last week saw an emphatic rejection from the 124.46 level and will need to regain this resistance to refocus attention on the 125.86 June high.”
“Key support is considered to be the 5 month uptrend at 119.91 and while above here we remain longer term bullish. We have a near term support line at 123.10.”
(Market News Provided by FXstreet)