FXstreet.com (Barcelona) - The USD/JPY has been eroding its cloud resistance which top is located at 79.00 mark, and a close above that level would be a first in six months. “We suspect that the market is tracing out a bullish falling wedge pattern longer term”, wrote analyst Karen Jones, stating that although potentially positive, Commerzbank analysts will allow for further consolidation and possible stabs lower while the market doesn't close above 79.00, and preferably above the 200 day moving average, at 79.39.
“We would expect prices to remain underpinned by 77.45 and the 77.13 recent low”, Jones added, expecting the 2012 high, at 84.19, to be targeted over the longer term., past the 200-day MA, the August high (79.66) and June high (80.63).
“We would expect prices to remain underpinned by 77.45 and the 77.13 recent low”, Jones added, expecting the 2012 high, at 84.19, to be targeted over the longer term., past the 200-day MA, the August high (79.66) and June high (80.63).
