FXstreet.com (Barcelona) – Axel Rudolph, Senior Technical Analyst at Commerzbank notes that USD/JPY has risen above the 98.66 mid-August high but did not reach the resistance line at 99.49 before coming off again.
“While the current August high at 99.95 caps on a daily New York closing basis, we will maintain our medium term bearish forecast.”
“Failure at last week’s 96.91 low will push the three month support line at 96.48 and the 78.6% Fibonacci retracement of the June-to-July rise at 95.42 to the fore.”
“Below these lies the five month support line at 94.95. Over the coming weeks …read more