USD/JPY focus is back on 108.13 – Commerzbank

In light of the recent price action, USD/JPY is now looking to the 108.10 region, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/JPY recovery has faltered and attention is back on the April low at 108.13, this must hold for near term stability to be maintained and for scope to the 111.02/09 current August high and 55 day ma. Above here would target the 112.42, 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”.