USD/JPY remains on track to test 111.39 recent high - Commerzbank

Dhwani Mehta FXStreet

In the view of Karen Jones, Analyst at Commerzbank, despite the latest leg down, the USD/JPY pair is set to test the recent high near 111.40 levels.

Key Quotes:

“USD/JPY is approaching the 111.39 recent high and key resistance offered by 111.67 2015-2018 downtrend, where we suspect that it will fail on its initial test. Dips back from here should find some support offered by the 55-day ma at 109.77 and the 8 th June low at 109.20. Slightly longer term a break above the downtrend is favored and would introduce scope to the 200-week moving average and this is located currently at 113.25. (Our much longer-term target is the 125.86 2015 high).

Loss of the 55-day ma and 109.20 (8th June low) would imply a slide back to the 108.21 29th May low and the mid-February high at 107.91.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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