USD/JPY downside corrective near term – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s stance remains downside corrective in the short term.

Key Quotes

“USD/JPY has recently failed at the 114.38 recent high, and also now eroded the 200 day ma circa 111.92, it remains on the defensive and there remains scope for losses to 110.00. Above 114.50 will see an extension to the 115.51/62, this years highs. Initial minor resistance lies circa 112.50/75”.

“Key nearby support is the 250 day ma at 109.97 and 55 week ma at 109.49, below here, there is scope for slippage to the 108.13 April low”.