In USD/JPY, Commerzbank notes that it has finally eroded its 200 day ma at 101.68 .
“It remains offered while the topside remains capped by the 102.26 2 month resistance and is viewed as neutral to negative. Attention has reverted to 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 102.84,” CB projects.
In line with this view, CB runs a limit order to sell USD/JPY at 101.50, with a stop at 102.30.
