USD/JPY might remain capped at 120.37/82 – Commerzbank

FXStreet (Barcelona) - Axel Rudolph, Analyst at Commerzbank, notes that USD/JPY might remain capped at the resistance line and the recent high at 120.37/82 for today.

Key Quotes

“USD/JPY’s bounce off its March low at 118.33, which was made close to the 118.11 February 16 low, has taken it close to the two month resistance line and the February high at 120.37/48, which, together with the late December high at 120.82, is likely to cap it today, though.”

“Below the 118.11 February 16 low lies the February low at 116.64.”