USD/JPY points to some consolidation near term – Commerzbank

Pablo Piovano FXStreet

USD/JPY could face some consolidation ahead of a potential climb below the 122.00 handle, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/JPY continues to see a strong rebound but is struggling to clear the top of the cloud at 111.61. We may see some consolidation ahead of a challenge to the 112.22 200 day ma and the top of the range at 114.38/49. We note the 13 count on the 240 minute chart, Intraday dips should be contained circa 110.95/35”.

“The previous downtrend (at 109.13) guards the 108.13 April low and the recent low at 107.32”.

“Below 107.32 will target then 106.50, the 61.8% retracement of the move 2016-2017. There is scope for the 2012-2017 uptrend at 105.48, but we look for this to hold the downside”.

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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