Axel Rudolph, analyst at Commerzbank, explains that USD/JPY bounced off the 55 day moving average at 108.57 and is heading back up to the early December high, the November 2018 to 2019 downtrend line and the 200 week moving average at 109.73/81 which may well cap today.
Key Quotes
“Further up is the 2015-2019 downtrend line at 110.46. Support comes in between the 200- and 55-day moving averages as well as the current December low at 108.80/43. Only now unexpected failure at 107.89 would probably trigger losses to the 106.48 October low. Failure at 106.48 would target the 106.00 mark.”
“On a weekly chart close above the 2015-2019 downtrend line at 109.80.”
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