USD/JPY keeps the upside bias – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s bias remains tilted to the upside.

Key Quotes

“USD/JPY charted an inside day yesterday but having previously eroded its near term downtrend, an upside bias is maintained”.

“The move remains directional and further gains look likely following the erosion of the 103.55/90 resistance. We look for further gains to 105.55 (May low) and the 106.70/87 24th January high and 61.8% retracement. Near term dips are indicated to hold circa 103.25/102.60”.

“Below 102.35 would alleviate immediate upside pressure”.