USD/JPY room for a test of 111.05 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the recovery in the pair could extend to the 111.00 region.

Key Quotes

“USD/JPY has recently charted a key day reversal and this suggests recovery to the 111.05 current August high and the 111.20 55 day ma. Above here would target the 112.50, the 200 day ma. There is scope for the top of the range at 114.38/49”.

“Below 108.13 would target the 107.49 July 2016 high, then 106.50, the 61.8% retracement of the move 2016-2017”.