In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s positive momentum stays underpinned by the 109.12/27 area.
Key Quotes
“USD/JPY has reversed from just below the resistance line at 110.89. We maintain a positive bias, the currency pair remains underpinned by the 55 day ma at 109.12 and the uptrend at 109.27 and this support is reinforced by the 50% retracement at 107.97 and the mid-February high at 107.91″.
“Above the resistance line rallies will find resistance at the 111.39 recent high but key resistance remains the 111.85 2015-2018 downtrend”.
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