In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside remains focused on the 110.20 region.
Key Quotes
“USD/JPY continues to recover from the 55 day ma at 108.41. This support is reinforced by the 50% retracement at 107.97 and the mid-February high at 107.91. The market has eroded the 20 day ma and attention is on the 200 day ma at 110.21″.
“Above the 200 day ma, rallies will find resistance at the 111.39 recent high but key resistance remains the 112.11 2015-2018 downtrend”.
“Below 107.90 targets the 107.41 base of the cloud and then the March low at 104.56″.
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