USD/JPY: Back under pressure – Commerzbank

Sandeep Kanihama FXStreet Contributor

According to Karen Jones, analyst at Commerzbank, USD/JPY has eroded the 107.81 5th June low and is back under pressure.

Key Quotes

“While the market is capped by 108.99 we will maintain a negative bias. The 107.81 5th June low should act as a near term break point to the 106.78 recent low. Our short term target is 105.87, the 78.6% retracement of the move seen this year.”

“Minor resistance lies at the 109.02 mid-May low and also at the 110.84 April 10 low and the 110.75 200 day moving average. These guard the 2015-2019 downtrend at 111.94.”

“We look for the market to remain capped by its 112.01 2015-2019 downtrend. Only above here would target the 114.55 October 2018 high.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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