Flash: USD/JPY neutral to positive above the 97.47 support line - Commerzbank

FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY is sidelined in a converging range, and she maintains her neutral to positive bias above the 97.52 support line.

Key Quotes

“The market has held its cloud support at 97.64 and should remained under pinned here. Our initial upside target is the 100.62 September high then 101.54/60 July high and the Fibonacci retracement, with a long term Fibonacci retracement offering a 105.48 resistance point above here.”

“Below 97.52 we would revert to neutral as the risk will increase of further slippage to the 200 day ma at 95.97.”