USD/JPY poised to challenge 110.48 – Commerzbank

Pablo Piovano FXStreet

In light of the recent price action, spot could now challenge the mid-110.00s, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/JPY has eroded the 200 day ma at 110.18. In doing so the market has resumed its bull trend and is poised to challenge the 110.48 2 nd February high and 55 week moving average. Above here we have a minor resistance line at 110.67 and the 112.12 2015-2018 downtrend”.

“Initial support lies at 109.48 – the accelerated uptrend - ahead of the recent low at 108.65 (4 th May low) and the 107.90 mid-February high”.

“Below 107.90 will alleviate immediate upside pressure for a slide to the 55 day ma at 107.37. This guards the 106.21 base of the cloud and then the March low at 104.56”.

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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