Dips in USD/JPY are seen as buying opportunities – Commerzbank

Pablo Piovano FXStreet

Occasional weakness in the pair is regarded as buying opportunities, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/JPY has recently eroded the 200 day ma at 110.20, the 110.48 2 nd February high, 55 week moving average and the 2017-2018 downtrend. This has cleared the path to the 112.12 2015-2018 downtrend. We note the 13 counts on the intraday charts and will attempt to buy the dips”.

“Initial support lies at 109.74 – the accelerated uptrend - ahead of the recent low at 108.65 (4 th May low) and the 107.90 mid-February high”.

“Below 107.90 will alleviate immediate upside pressure for a slide to the 55 day ma at 107.37. This guards the 106.21 base of the cloud and then the March low at 104.56”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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