USD/JPY to slide towards the 107.60/106.85 zone – Commerzbank
|USD/JPY is at the 109.01 target and analysts at Commerzbank allow for profit-taking in the US dollar near-term. Thus, the pair is expected to fall to the 107.60-106.85 region.
See – USD/JPY: Levels between 109.00 and 110.00 to be the top for this current rally – MUFG
Key quotes
“USD/JPY has reached the 200-week ma at 109.01, we also have a 55-month ma at 109.25 and the 2016-2021 resistance line at 110.00. If that is not enough we have a 13 count on the daily chart and TD resistance at 109.47. All suggest that we are likely to see some profit-taking imminently and we would continue to tighten stops and lighten up long positions.”
“Intraday Elliott wave counts are implying a small retracement to 107.60/106.85 ahead of further strength.”
“Initial support lies at 106.22, the mid-February high. Key support remains the uptrend at 105.53.”
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.