Karen Jones, Analyst at Commerzbank, offers a technical outlook for the USD/JPY pair and foresees a move towards an important barrier near the 111.67 region.
Key quotes:
“USD/JPY last week recovered off the 55 day ma at 109.64 and eroded the 7-month downtrend at 110.70.”
“This implies scope to retest the 111.39 recent high and key resistance offered by 111.67 2015-2018 downtrend, where we suspect that it will fail on its initial test.”
“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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