Forex Flash: USD/JPY bullish with support at 80.68/53 – Commerzbank (Barcelona) - Commerzbank analysts bullish on the USD/JPY, with near term target at 81.78/87 (“this is the upside measured target from the wedge formation. Just below it sits the 61.8% Fibonacci”) and longer term target at 83.20 (2011-2012 resistance line).

“Good support is seen at 80.68/63. This is where the June and early November highs were made and where the 50% retracement also comes in”; wrote analyst Axel Rudolph, pointing stronger support at 80.00/79.40 (psychological support and the location of the short term uptrend line).