Flash: USD/JPY amidst range bound but bid in the range – Commerzbank

FXstreet.com (Athens) – Karen Jones Head Technical Analyst at Commerzbank comments that USD/JPY remains within its range however Fridays price action was an outside day to the upside, which implies that the market is likely to remain bid within the range.

Key Quotes

“Below the market lies the 4 month support line at 97.14 which guards the current October low at 96.55 and the six month support line at 96.06.”

“Above there is the 6 month resistance line at 99.14 and the 4 month resistance line at 99.87. The market has been contained in a large contracting range for the past 6 months and currently we have no real indication that the market is ready to break out of this range.”

“Rallies will find resistance at 99.01/06 a recent high and Fibonacci retracement.”