In USD/JPY, Commerzbank notes has sold off to its 200 day ma at 101.67.
“Recent rebounds from here have proved to be pretty tepid so far. The topside has remained capped by the 102.29 2 month resistance and is therefore viewed as neutral to slightly negative. The 200 day ma at 101.67 guards the 100.75/78 key support – the 2014 low and 55 week ma,” CB argues.
“Rallies will find initial resistance at 102.59 (2 month resistance line) ahead of the 2014 resistance line at 102.86. We currently have no strong bias either way,” CB adds.
