Flash:USD/JPY looking for recovery - Commerzbank

FXstreet.com (London) - Karen jones, Chief analyst as Commerzbank noted that the USD/JPY had sold off towards, but recovered well ahead of the 97.36 support line. She rightly called it when she said "the market has held its cloud support at 97.64 and should recover from here". On the bid, she explain further:

Key Quotes"

"Our initial upside target is the 100.62 September high then 101.54/60 July high and the Fibonacci retracement, with a long term Fibonacci retracement offering a 105.48 resistance point above here".

"Below 97.36 we would revert to neutral as the risk will increase of further slippage to the 200 day ma at 95.89".