Flash: USD/JPY rebound expected to fail at downtrend – Commerzbank
FXstreet.com (Barcelona) – Axel Rudolph, Senior Technical Analyst at Commerzbank notes that USD/JPY continues to see a rebound from the 96.64 2 month support line.
“While it is possible that we will see the market rebound towards the 99.30 3 month downtrend, we look for this to contain the topside. We are negative short term below here.”
“Below the 96.64 support line targets the five month support line at 95.02. Over the coming weeks we allow for losses back to the 94.45/93.75 support area. This is where the 200 day moving average, Fibonacci retracement and the June low …read more