The USD/JPY pair seems to have stabilized in the neutral territory on Wednesday, just above mid-105.00s, as the near-term bounce is approaching the three-month downtrend at 105.90. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the rebound to fail at the mentioned 105.90 mark.
Key quotes
“USD/JPY is poised to reach the 55-day ma at 105.91 and the short-term downtrend at 105.90, and will ideally fail in this vicinity. A negative bias will remain entrenched below here.”
“The 104.00 support guards the 103.43/78.6% Fibonacci retracement, which is the last defence for the 101.18 March low.”
“The market will need to regain 107.05, the recent high, to trigger a move to the 200-day ma at 107.58.”
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