USD/JPY: Key day reversal to warrant stability for the yen – Commerzbank
|Yen weakness is seen across the board. Nonetheless, the USD/JPY pair posted a Key day reversal which points to stabilization, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.
USD/JPY may slide back to the 55-week ma at 106.86
“USD/JPY slipped below the 109.07 July low but managed to level out above the 108.56 late May low by making a key day reversal at 108.73 yesterday, pointing to short-term stabilization.”
“Minor resistance comes in along the 55-day moving average at 110.02 and is currently in focus. Above it sits the late July high at 110.59.”
“Only a drop through 108.56 would engage the 107.48 April low. The 55-week ma lies at 106.86 and we would allow for some consolidation there.”
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.