Forex Flash: USD/JPY to consolidate below 78.87 - Commerzbank

FXstreet.com (Barcelona) - Commerzbank analysts believe the USD/JPY is stalling just ahead of the base of the cloud at 78.87, and so, near term consolidation is expected, though there are buy signals on the DMI and slow stochastics indicator. “This is viewed positively and we look for a rally to the top of its cloud at 79.26/27”, wrote analyst Karen Jones, pointing to support at 77.45 and the 77.13 recent low. “A close above the 200 day ma at 79.33 is needed to trigger any real upside interest”, Jones added, giving away next resistance areas, 79.66 (the August high) and 80.63 (June high) and 84.19 (2012 high) in the longer term.

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