FXStreet (Edinburgh) – Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the pair could still visit the 128.15 area.
Key Quotes
“USD/JPY is again seeing signs of recovery from just ahead of the 122.04 March high”.
“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”.
(Market News Provided by FXstreet)