USD/JPY: Facing tough overhead resistance - Commerzbank
|Karen Jones, Analyst at Commerzbank, maintains a neutral to negative outlook for the USD/JPY pair and expects any meaningful up-move to be capped by the 114.38/82 major resistance.
Key quotes:
“USD/JPY will shortly encounter tougher resistance namely the 113.64/75 December highs. There is a lot of resistance directly overhead – namely the 113.92 2015-2018 downtrend line. Overhead sits the 114.38/82 major resistance, we continue to favour failure.”
“Above 114.38/82 would target the 118.60 January 2017 high.”
“Support can be seen at the 112.06/111.99 December 6 and 15 as well as current January lows. Failure there would push the 200 day ma at 111.71 followed by the 110.85 end of November low to the fore.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.