The pair’s stance stays bid and could edge higher to the 114.74 level, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
“USD/JPY continues to sit above cloud support and remains bid. We look for further gains to the 114.74 recent high, which may hold the initial test. Above 114.74 would target 118.66, the December 2016 high. The market is underpinned by the 55 day ma (112.46) and cloud support (112.93/15)”.
“Only failure at the cloud support (112.15) would target the 109.77/110.02 200 day ma and August low”.
“If the 109.77 level were to give way (August low), the June 8 low at 109.20 would be in focus. Failure there would imply a slide back to the 108.12 May 29 low and the mid-February high at 107.91”.
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 assets. 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 Open Markets 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.