CB: USD/JPY has upside bias
As we’ve pointed out earlier, USD/JPY is consolidating within an ascending triangle. Resistance is in the 102.70/80 area, while support is in the 101.60/50 zone. Daily MACD is rising. Long lower shadows of Wednesday’s and Thursday’s candles show that the bulls are rather strong.
Analysts at Commerzbank say that as long as support at 101.45 holds, there will be an upside bias. The specialists expect an increase to 103.45 (Jan. 29 high). Further resistance is at 104.45and 105.45/50. The multitude of supports is located between 101 and 100 and is reinforced by the 200-day and 55-week MAs.
Chart. Daily USD/JPY