USD/JPY: Moving slowly higher – Commerzbank
|Karen Jones, analyst at Commerzbank, notes that USD/JPY pair has continued to creep slowly higher, its recent new low of 105.05 was not been confirmed by the daily RSI.
Key Quotes
“We suspect that the market may have based just ahead of the 104.48/10 January low and the 2013-2019 uptrend. This support is reinforced by the 200 month ma at 104.44. Interim resistance is the 107.21 18th July low and the market remains capped here, as such we remain unable to rule out another stab down towards the 104.50 region prior to recovery.”
“A negative bias remains entrenched while capped by the 108.99/109.32 recent highs.”
“Failure at 104.10 would target 99.00 the 2016 low, but for now we would allow for consolidation and look for the market to hold circa 104.50/10.”
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.