USD/JPY to simmer a tackle to the 110.97 March high – Commerzbank
|USD/JPY has seen a strong recovery off support at 108.55. Nonetheless, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to stabilize before attacking the 110.97 March high.
Yen is positive above the 108.55 pivot
“USD/JPY last week tested and held over support at 108.55, we have eroded the 109.96 April 9 high, but we did not CLOSE above here and we suspect some further consolidation ahead of gains to the 110.97 March high and the 111.13/38 October 2018 low and mid-February 2019 high.”
“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.