USD/JPY faces strong resistance at 103.32/103.55 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s upside could find strong resistance in the 103.32/55 band.

Key Quotes

“USD/JPY has tested and continues to struggle at the four month downtrend at 103.32. In this vicinity we find the 103.55 16th June low and the base of the cloud at 103.48. This suggests a tough near term band of resistance, which may take more than one attempt to get through”.

“As long as the four month support line at 99.88 and the July and August lows at 99.99/55 hold, the May low at 105.55 will remain in focus. Still further up the early April low and July peak can be seen at 107.49/63”.