FXStreet — According to Karen Jones, head of FICC Technical analysis at Commerzbank, have to skip the currency pair to the range in 112,01/13, to be able to his recovery.
The USD/JPY is likely to be as we assume above the 200-day line (act. at 110,06) to stabilize, but the Rallies have to skip for a continuation of the recovery movement, the resistance at 112,01/13. As long as the US dollar trades below the weekly high of 112,13, we expect a Test of the 200-day line. With a break below few losses threaten the currency to the April low at 108,13. In the short term perspective is neutral to negative.
Only a jump over 112,13 would release a new upside potential in the direction of 114,38.
** FXStreet News Editorial, FXStreet**