Commerzbank: bulls on USD/JPY
USD/JPY remains sideways in the 98.90/99.50 range since May 3. On Tuesday the pair strengthened to 99.30. Upside remains capped by the 100.00 hurdle.
According to Commerzbank specialists, the pair is likely to break out of its bullish triangle soon. In their view, the 100.00 resistance is likley to cap growth once again, before eventually being breached. The next strong resistance lies at 101.30/70. Analysts remain bullish in a short term while the pair holds above 97.00. Next support - 96.70, 95.80 and 94.20. The last level is expected to hold any downside if reached and provoke recovery.
Chart. H4 USD/JPY