USD/JPY is easing lower near-term as the dollar remains corrective. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to hold off the 108.55 support.
Positive above the 108.55 pivot
“USD/JPY is easing lower near-term. It will find some minor support at 109.06/22 (20-day ma) ahead of the 108.55 pivot.”
“The pair looks to be consolidating ahead of the 110.97 March high and the 111.13/38 October 2018 low and mid-February 2019 high.”
“It maintains a positive bias above the 108.55 pivot.”
“Our medium-term target is 112.23/50, which represents the April 2019 high, the 2020 high and a long-term Fibonacci retracement.”
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