Home USD/JPY still looks to 114.74 – Commerzbank
FXStreet News

USD/JPY still looks to 114.74 – Commerzbank

The pair’s stance remains bid and could advance to 114.74, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

USD/JPY remains bid and we look for further gains to the 114.74 recent high. Above 114.74 would target 118.66, the December 2016 high. The market is underpinned by the 55 day ma (112.40) and cloud support (112.93/15)”.

“Only failure at the cloud support (112.15) would target the 109.77/110.00 200 day ma and August low”.

“If the 109.77 level were to give way (August low), the June 8 low at 109.20 would be in focus. Failure there would imply a slide back to the 108.12 May 29 low and the mid-February high at 107.91″.

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.