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31 Jan 2018
USD/JPY now focuses on 108.27/107.32 – Commerzbank
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair could shift its attention to the 108.27/107.32 band.
Key Quotes
“USD/JPY remains under pressure and attention is on the August and September lows at 108.27/107.32. Here we also find the 107.70 2012-2018 uptrend. This is strong support for the market and we look for the market to stabilize in this vicinity”.
“Initial resistance lies at the 109.97, 110.19 the mid-January low and accelerated downtrend ahead of 111.75 200 day moving average”.
“Only above the 114.73 November high would target the 118.60 January 2017 high”.