USD/JPY extends losses
USD/JPY stalled into bids at 97.40 after having extended its 4-day decline from the 100.00 resistance. Yen remains strong ahead of the tomorrow’s Fed meeting and mixed Japanese figures, released today.
UBS: The latest setback does not change the broader bullish picture as long as strong support at 95.80 holds. Initial resistance is at 98.93 ahead of the psychological 100.00.
Commerzbank: Dips lower should find support at 96.20, 95.70/55 ahead of key trend line support at 95.00. In a short term sell on a bounce to 98.55 with a very tight protective stop at 98.85 and a target at 95.55.
Chart. Daily USD/JPY