The pair’s recent price action allows for a potential test of the 110.73 level, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“USD/JPY eroded the 7 month uptrend but held over and recovered from the 55 day ma at 109.51. This implies scope to retest the 110.73 resistance line. This guards the 111.39 recent high and key resistance which remains 111.76 2015-2018 downtrend”.
“Loss of the 55 day ma and 109.20 (8th June low) would imply a slide back to the 108.21 29th May low and the mid-February high at 107.91″.
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