USD/JPY set to slide back to the 55-week ma at 106.86 – Commerzbank
|USD/JPY falls for the second straight day and nears the July low at 109.07. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, expects the pair to extend its slide to the 55-week moving average at 106.86.
USD/JPY challenges the July low at 109.07
“USD/JPY last week tested and held below the 110.70 resistance and this week slipped towards the 109.07 July low. Below it lies the 108.56 late May low and 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.