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Commerzbank: USD/JPY bearish below 102.27

USD/JPY rebounded from the key 101.10/100.75 support area (55-week MA) into the 101.60 area.

However, Commerzbank strategists note that the wave count on the intraday charts is negative and that this should work. In their view, the pair remains directly offered below the recent high at 102.27, although the key resistance is seen at 102.60 (the 2014 downtrend). Analysts expect the pair to test 100.48 or even to break lower this week.

Chart. Daily USD/JPY


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