USD/JPY: Selling the rallies - CB

FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted the conditions surrounding USD/JPY.

Key Quotes:

"USD/JPY has eroded the 2015 uptrend at 119.09, this break has not been maintained and we are currently heading back into the range."

"However we have seen a chink and will now opt to sell the rallies."

"Directly overhead lies the 14 year downtrend at 122.20, we suspect that
any upside probes will remain limited. A close below 119.04 would cause
the chart picture to deteriorate somewhat towards the 118.33 March 26
low and then the February low at 116.64."

"A close above the 120.84 high charted on the 13th April would be needed
to trigger a move to the December and March highs at 121.86/122.04 are
to be retested."