In USD/JPY, Commerzbank notes that, it continues to see a small rebound off the 101.10 55 week ma.
“For now the range dominates. USD/JPY remains directly offered below the near term downtrend at 101.90, although key resistance remains the 2014 downtrend at 102.45,” CB projects.
“Longer term we suspect that the risk is growing for a downside break towards the 2013-2014 uptrend at 100.59. We suspect that were the 100.00 level to give way, the market would really start to disintegrate,” CB adds.
In line with this view, CB runs an active limit order to sell USD/JPY at 101.75 with a stop at 102.45.
