USD/JPY: Facing tough overhead resistance - Commerzbank

Haresh Menghani FXStreet

Karen Jones, Analyst at Commerzbank, maintains a neutral to negative outlook for the USD/JPY pair and expects any meaningful up-move to be capped by the 114.38/82 major resistance.

Key quotes:

“USD/JPY will shortly encounter tougher resistance namely the 113.64/75 December highs. There is a lot of resistance directly overhead – namely the 113.92 2015-2018 downtrend line. Overhead sits the 114.38/82 major resistance, we continue to favour failure.”

“Above 114.38/82 would target the 118.60 January 2017 high.”

“Support can be seen at the 112.06/111.99 December 6 and 15 as well as current January lows. Failure there would push the 200 day ma at 111.71 followed by the 110.85 end of November low to the fore.”

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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