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The USD/JPY pair has reached the 200-day moving average at 105.60 and Commerzbank’s analysts have covered their long positions. The next target on the upside is the 55-week moving average at 106.34.

Key quotes

“USD/JPY has reached the 200-day ma at 105.60 and we have covered our long positions. The 55-week ma lies just above here at 106.34. The longer-term view is neutral to slightly positive, but in order to adopt a more positive stance longer term the market will need to regain the 55-week ma.” 

“Note above the 55-week ma would target the 200-week ma at 109.12.” 

“Dips should find initial support at 104.75, the 2nd December high ahead of 104.05 (near-term uptrend). This guards the 103.33, the 21st January low.”