Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted occasional bullish attempts in spot should need to regain the boundaries of 113.00 the figure.
Key Quotes
“USD/JPY started to erode key support offered by the 111.85/69 late August high, 55 day moving average and trend line support and attention has reverted to cloud support, which lies at 111.47. The market is on the defensive and rallies will need to regain initial resistance at the 55 day ma at 112.97. Above 114.74 would target 118.66, the December 2016 high”.
“Failure at trend line and cloud support (111.69/47) would target the 109.77 200 day ma and August low”.
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