USD/JPY cross has topped? – Commerzbank

Sandeep Kanihama FXStreet Contributor

Axel Rudolph, analyst at Commerzbank, points out that USD/JPY continues to hover above the 55 day moving average at 108.52 which remains exposed and failure there would re-engage the November low at 107.89.

Key Quotes

“Given the very dense overhead resistance, namely the 200 week moving average at 109.81 and the 2015-2019 downtrend line at 110.46, we will assume that the cross has topped for now.”

“Failure at 107.89 would probably trigger losses to the 106.48 October low. Failure at 106.48 would target the106.00 mark.”

“On a weekly chart close above the 2015-2019 downtrend line.”

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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