Commerzbank: USD/JPY upside capped
Commerzbank strategists expect the 101.90/102.40 resistance area to limit the upside in USD/JPY. They believe the pair might re-visit the key support area at 100.75 this week (the 2014 low and 55-week MA).
In a longer-term they are suspicious the market has topped at 105.45. Loss of the psychological support at 100.00 would add weight to that view.
A recovery through the 102.36 mid May high is needed to alleviate the immediate downside pressure.
Chart. Daily USD/JPY