USD/JPY is currently trading at 107.24, after having faced rejection at 107.36 early on the session. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, maintains a neutral-to-positive stance while the pair trades above the 106.00 level and targets the 200-DMA at 108.39 if USD/JPY breaches the 55-DMA at 107.39.
Key quotes
“USD/JPY continues to trade sideways above the May and June lows at 106.07/105.99. While this area underpins we will retain a neutral stance.”
“Resistance above the 55-day moving average at 107.39 can be seen at the 200-day moving average at 108.39. Further up lie the 109.85/110.03 June high and 200-week moving average. Directly above the 200-week moving average sit the 2017-2020 resistance line at 111.02. The 111.71/112.23 February and March highs add weight to this resistance area.”
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