USD/JPY set to enjoy considerable gains toward the 119.41 mark – Commerzbank
|USD/JPY is approaching the March 2017 high at 115.51. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to move slightly lower on Thanksgiving Day. However, USD/JPY targets the 119.41 mark in the long run.
Nearby support below 113.92 lies at 112.73/112.56
“USD/JPY is pushing slowly higher, directly overhead lies the March 2017 high at 115.51 as well as the 115.60 61.8% Fibonacci retracement of the move down from 2015 being in focus and for now we will cover our remaining longs.”
“Above here is the 117.56 level, the 1998-2021 resistance line and 119.41, the downtrend from 1975.”
“We have a near-term uptrend at 113.92. Nearby support below 113.92 lies at 112.73/112.56, then the 111.66 July high which should hold the downside.”
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.