Axel Rudolph, analyst at Commerzbank, notes that USD/JPY has risen above the six month resistance line at 107.97 with the July and August highs at 108.99/109.32.
Key Quotes
“Short-term it is likely to level out, though. Minor support sits at the 105.74 current September low. Good support below the 105.74 low can be spotted between the midand late August lows and the 200 month moving average at 115.05/104.38. Further down sits the January low at 104.10.”
“Failure at 104.10 would target the 2016 low at 99.00.”
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