USD/JPY now targets the 111.00 area – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could now attempt to revisit the 111.00 mark and above.

Key Quotes

“USD/JPY last week charted a key day reversal and this suggests not only has the market based at the April low but that we are likely to see recovery to the 111.05 current August high and the 111.15 55 day ma. Above here would target the 112.47, 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”.