Flash: USD/JPY consolidating ahead of further gains – Commerzbank

FXstreet.com (Barcelona) – Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY charted an inside day to leave our outlook unchanged.

Key Quotes

“The market is consolidating at the 101.54/60 July high and 78.6% Fibonacci retracement of the May-to-June decline and targets the 103.74 2013 high.”

“We note the 13 count on the 240 minute chart and TD resistance at 102.60 and while we would allow for a small retracement, the recent break up from a large triangle points to a longer term target of 108.86.”

“Minor support is seen around the September high at 101.03 the …read more