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USD/JPY: Tough resistance – Commerzbank

Karen Jones, analyst at Commerzbank, suggests that USD/JPY is starting to balk at tough resistance which extends from current levels up to the 2015-2019 downtrend at 110.79 (the 55 and 200 week moving averages are found ahead of here at 109.57/109.98) and is formidable resistance which should hold the topside.

Key Quotes

“Near term however the market remains capable of upside probes while above the uptrend at 108.50 and only on a close below here does our attention divert to underlying support.”

“Failure at the recent low of 107.89 will further alleviate upside pressure and trigger losses to the 106.48 October low. Failure at 106.48 will target 106.00, then 105.32/78.6% retracement which is the last defence for the 104.46 August low.”

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