In USD/JPY, Commerzbank notes that it is still recovering from its current August low at 101.51 and has overcome the 2014 resistance line at 102.91 as well as the July peak at 103.15.
“Therefore the April peak at 104.13 is now in focus. Together with the 104.45 78.6% retracement, it is regarded as the last defence for the 105.45 2014 high,” Commerzbank projects.
“Minor support below the breached resistance line at 102.91 and the June high at 102.80 comes in at the 102.27 early July high. Further support is found along the 55 day moving average at 102.01. We will retain our bullish view while USD/JPY remains above the current August low at 101.51,” Commerzbank adds.
CB booked profit on its last USD/JPY long at 102.90 and is currently flat on the pair.
