USD/JPY cautious in light of recent tops – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, remains cautious on the pair following recent tops beyond the 113.00 handle.

Key Quotes

“USD/JPY held steady yesterday, it remains marginally above the 200 day ma at 112.00 but since the new high at 113.26 has not been confirmed by the daily RSI we remain cautious. We still allow for some minor consolidation very near term ahead of further gains to the top of the range at 114.38/49. Intraday dips should be find initial support offered by the 200 day ma at 112.00 and also by the September 25 low at 111.47”.

“Support at 109.50 guards the 108.13 April low and the recent low at 107.32”.