USD/JPY scope for a test of 103.42 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could re-test the 103.40 area.

Key Quotes

“USD/JPY once again targets the four month resistance line at 103.42. As long as the four month support line at 99.85 and the July and August lows at 99.99/55 hold, the May low at 105.55 will remain in focus. Still further up the early April low and July peak can be seen at 107.49/63”.

“Nearby support at 101.20(7 th September low), guards 99.55 the mid August low”.