USD/JPY: comments from Commerzbank
USD/JPY has tried to recover this week, but so far it was stopped by resistance at 98.70.
Analysts at Commerzbank point out that the pair has traded below, but didn’t close below support in the 97.70 area. The specialists are neutral for now, though they say that USD is more vulnerable on the downside.
Below 97.70, there will be higher risk of further decline to 96.43 (200-day MA), 95.80 (August low) and 95.50 (5-month support line). Resistance is at 99.13 (20-day MA), 100.62 (September high) and 101.50 (July high and the Fibo retracement).
Chart. Daily USD/JPY