USD/JPY a test of 108.45 not ruled out – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could slip towards the 108.45 level.

Key Quotes

“USD/JPY continues to back away from the 55 day ma and currently we remain unable to rule out a slide to 108.45”.

“We are overall bullish and attention is on the 111.90 last reaction high – this will need to be eroded to confirm that the market has based (favoured)”.

“We look for dips to hold over 107.65 and while above here stay bullish”.

“Above 110.90 we look for gains to the 50% retracement of the move down from December 2015 and the mid February high at 114.57/87”.