USD/JPY to test the 109.85 June high on a break of the 200-DMA at 108.40 – Commerzbank
|USD/JPY remains confined in a narrow trading band, around 107.50, as it was unable to take over the 200-DMA at 108.40, which if broken would see the pair heading towards the 109.85 June high. On the other way, the 106.00 offers solid support, per Commerzbank.
Key quotes
“USD/JPY continues to oscillate around the 55-day moving average at 107.41 while remaining below the 200-day moving average at 108.40.”
“Above 108.40 lie the 109.85/98 June high and 200-week moving average. Directly above the 200-week moving average sit the 2017-2020 resistance line at 111.02. The 111.71/112.23 February and March highs add weight to this resistance.”
“Good support is spotted between the May and June lows at 106.07/105.99.”
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.