USD/JPY to target the 55-week ma at 106.34 – Commerzbank
|The USD/JPY pair has reached the 200-day moving average at 105.60 and Commerzbank’s analysts have covered their long positions. The next target on the upside is the 55-week moving average at 106.34.
Key quotes
“USD/JPY has reached the 200-day ma at 105.60 and we have covered our long positions. The 55-week ma lies just above here at 106.34. The longer-term view is neutral to slightly positive, but in order to adopt a more positive stance longer term the market will need to regain the 55-week ma.”
“Note above the 55-week ma would target the 200-week ma at 109.12.”
“Dips should find initial support at 104.75, the 2nd December high ahead of 104.05 (near-term uptrend). This guards the 103.33, the 21st January low.”
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.