12 May 2014
USD/JPY sidelined to bullish above 101.32 – Commerzbank
FXStreet (Edinburgh) - The USD/JPY would remain bullish or sidelined as long as the trade remains above 101.32, suggested Senior Technical Analyst at Commerzbank Axel Rudolph.
Key Quotes
“USD/JPY bounces off its 5 and 11 month uptrend lines at 101.49/47 and while it trades above its April low at 101.32 we consider it to be sidelined to short term bullish”.
“Directly below here lies its 200 day ma at 101.07 and together with the 2014 low at 100.75, we favour recovery from this vicinity, should a drop to this area still be seen”.
“Having said that, we suspect that rallies will again struggle to regain 103.03, the current May high. Nonetheless the 55 day moving average at 102.35 could soon be reached”.
Key Quotes
“USD/JPY bounces off its 5 and 11 month uptrend lines at 101.49/47 and while it trades above its April low at 101.32 we consider it to be sidelined to short term bullish”.
“Directly below here lies its 200 day ma at 101.07 and together with the 2014 low at 100.75, we favour recovery from this vicinity, should a drop to this area still be seen”.
“Having said that, we suspect that rallies will again struggle to regain 103.03, the current May high. Nonetheless the 55 day moving average at 102.35 could soon be reached”.