USD/JPY rallies could falter around 102.05/85 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, occasional bullish attempts in the pair could find strong resistance in the 102.05/85 band.

Key Quotes

“USD/JPY is attempting to consolidate at the 78.6% retracement at 100.82, intraday rallies look set to terminate circa 102.05/85. The market remains on the defensive and will remain directly offered while capped by cloud resistance, which today lies at 104.08/105.45. Maintain a negative stance”.

“Rallies will find resistance at 104.15 the 20 day ma and 105.33 the 55 day ma. Support lies 100.82, the 78.6% retracement which is considered to be the last defence for the 99.00 recent low”.

“Only a close above 105.68 would alleviate immediate downside pressure and only above 107.49 (recent high) would confirm upside intent”.