In USD/JPY, Commerzbank notes that the rebound last week from its 101.16 55 week m.a took it to cloud resistance on the daily chart, where the move halted.
“This is located at 101.91/95 today and is reinforced by the 2014 downtrend at 102.39. We view this market as sidelined and until we take out the downtrend on a closing basis this will remain the case.,” CB projects.
“Longer term the market is sidelined but underpinned by the 2013-2014 uptrend at 100.59 and the 55 week ma at 101.11. Our stance is neutral,” CB adds.
