USD/JPY to simmer a push towards the 110.97 March high – Commerzbank
|USD/JPY has found support along the 2021 uptrend line at 109.72. The pair is now set to consolidate before challenging the 110.97 March high again, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.
Positive above the 108.56 late May low
“Last week, USD/JPY faltered at 110.82, marginally below the 110.97 March high below which it is likely to consolidate further early this week. Once bettered, however, the 111.13/38 October 2018 low and mid-February 2019 high would be next in line.”
“While the currency pair stays above the June 16 and 21 lows as well as the 2021 uptrend line at 109.80/72 immediate upside pressure should remain in play. The cross should maintain an overall positive bias above the 108.56 late May low.”
“Our medium-term target is 112.23/50 which represents the April 2019 high, the 2020 high and a long term Fibonacci retracement.”
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.