USD/JPY still favouring a test of 111.90 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, favours a test of the 111.90 area.

Key Quotes

“USD/JPY is probing the 55 day ma at 110.31 but will need a close above the 111.90 last reaction high to confirm that the market has based (favoured)”.

“We note the TD perfected set up and 13 count on the 240 minute chart and we may see a minor set back very near term, but we look for dips to hold over 107.65”.