USD/JPY stays bid above 113.34 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair keeps the upside bias while above 113.34.

Key Quotes

“USD/JPY is approaching the 2017 high at 114.74, where we suspect that it may fail on the initial attempt – we note the 13 count. Minor support sits at the 113.18 July high and the accelerated uptrend at 113.34 and while above here the market is immediately bid”.

“We look for dips lower to be contained by the 111.83/58 late August high and 55 day moving average. Uptrend support lies at 111.67”.

“Above 114.74 would target 118.66, the December 2016 high”.