Forex Flash: USD/JPY to consolidate and attempt at 80.00 again - Commerzbank

FXstreet.com (Barcelona) - Yesterday's plunge in reaction to the BoJ found stability at the 79.25/10 support and Commerzbank analysts suspect a renewed attempt on 80.00 will be seen after further consolidation near term. “Directly above here lies 80.63/66 -this represents the June high and the 50% retracement, this is tough overhead resistance and we would expect this to provoke some profit taking”, wrote analyst Karen Jones, expecting the market to test the trendline support at 78.72 eventually. “

“The market has recently completed a bullish falling wedge pattern longer term. This is positive and offers an upside measured target to 81.78/87 (this is also the April
20th high)”, Jones added.

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