USD/JPY initial support aligns at 111.84 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects initial contention in the pair to emerge at 111.84.

Key Quotes

USD/JPY is correcting lower very near tem, the recent high at 113.44 was accompanied by a divergence of the daily RSI. This tends to reflect a loss of upside momentum and the market has started to ease lower. The 200 day ma offers initial support at 111.84 but we would allow for a deeper sell off to the 55 day ma at 110.69, while above here it will remain well placed for recovery. Above 112.85 will trigger further gains to the top of the range at 114.38/49”.

“The 55 day ma guards the 109.50 level and support at 109.50 guards the 108.13 April low and the recent low at 107.32”.

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 securities. 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 Forex 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.