Flash: USD/JPY still eyes uptrend despite stumble – Commerzbank

FXstreet.com (Lisbon) - The USD/JPY has broken higher from a 5-month triangle and we believe is in the process of resuming its uptrend, suggests Karen Jones, an analyst at Commerzbank.

Key quotes

“Our initial upside target the 101.54/60 July high and the Fibonacci retracement, however the triangle offers a the potential for a substantial upswing.”

“Measured target is approximately 109/110.00, with a Fibonacci retracement offering a 105.48 resistance point en route.”