USD/JPY potential for a test of 121.00/122.00 – Commerzbank

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could attempt a test of the 121.00/122.00 band.

Key Quotes

“USD/JPY has charted a key week reversal from a low of 115.97”.

“The rally has reached the 38.2% retracement at 118.88, where it has so far stalled”.

“Intraday dips are indicated to hold 117.65/95 and are suggesting scope for 121.00/122.00. Above 118.88 would allow for a deeper retracement to the 61.8% retracement of 120.68”.