USD/JPY faces a tough barrier at 121.30/122.04 – Commerzbank

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  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair’s upside faces a key resistance area around 121.30/122.04.

    Key Quotes

    USD/JPY now probes tough resistance at 121.30/122.04 offered by the resistance line, late August 2015 high, December 2014 high, March 2015 high and the 61.8% retracement”.

    “This remains the key break up point to 123.33, the 78.6% retracement and 125.00/28 (the August high). It is solid resistance and it is likely to take several attempts to get through”.
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