USD/JPY keeps its consolidative theme – Commerzbank

The pair is seen keeping its sideline pattern around current levels, with rallies expected to falter in the 102.05/85 band, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/JPY is attempting to consolidate at the 78.6% retracement at 100.82, intraday rallies look set to terminate circa 102.05/85. The market remains on the defensive and will remain directly offered while capped by cloud resistance, which today lies at 104.08/105.45. Maintain a negative stance”.

“Rallies will find resistance at 104.15 the 20 day ma and 105.33 the 55 day ma. Support lies 100.82, the 78.6% retracement which is considered to be the last defence for the 99.00 recent low”.