Karen Jones, technical analyst at Commerzbank, maintains a near-term positive bias for the USD/JPY major and see it rising immediately to 115.62 (Jan. 19 high) ahead of 16 month resistance line at 118.04.
"USD/JPY last week recovered from circa the 38.2% retracement at 111.98 area and the 112.02 April high. The market has eroded the Imoku 2 resistance and will need to close above here (114.23) to trigger gains to the 115.62 19th January high. A close above here is needed to reintroduce scope to key short term resistance offered by the 16 month resistance line at 118.04."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.