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USD/JPY points to consolidation – Commerzbank

FXStreet (Edinburgh) - In the view of Axel Rudolph, Senior Technical Analysis at Commerzbank, the pair’s perspective keeps pointing to a consolidative pattern.

Key Quotes

USD/JPY is still consolidating. It faces a number of resistances directly overhead from the 200 day moving average at 120.90 to the 121.76 late August high”.

“It is side lined in a converging space, and below lies the near term support line which is located at 119.25. Currently we remain negative below the 121.38/76 zone where recent highs were made”.

“We look for 121.76 to continue to cap the topside and we then look for a retest of the 118.33 March low en route to the 116.15/115.85 2015 low and the recent low”.

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