Flash: USD/JPY rally has reached the 50% retracement – Commezbank

FXstreet.com (Athens) – Karen Jones, Head Technical Analyst at Commerzbank says that the USD/JPY continues to see a strong rebound from its 200 day ma at 96.89.

Key Quotes

“The market has eroded its short term resistance line and 55 day ma at 99.20 to reach the 50% retracement at 98.58. The move looks directional and while a challenge to the top of the recent range at 99.76/100.62 is plausible we look for this to hold - we neutralised ourbullish outlook recently.”

“Intraday dips will find minor support at 97.55 ahead of the 96.89 200 day ma. This guards the 95.70 5 month support line.”