USD/JPY risks a pullback to 112.03/111.75 – Commerzbank

Pablo Piovano FXStreet

In light of the recent price action, spot could now re-test the 112.03/111.75 band in the near term.

Key Quotes

“USD/JPY is failing at the top of the range at 114.38/58 at long last (May and July highs and the 2015-2017 downtrend) and is currently easing lower, it sits on the short term uptrend at 113.45 and the near term risk is for a deeper retracement to 112.03/111.75 (the 200 day ma and the 55 week ma). Ideally this will hold, while above here an upside bias will persist. A close above 114.58 will introduce scope to the 118.60/66 January high”.

“The 55 day ma guards the 109.55 mid-September low and in turn this support guards the 108.81/13 April and June lows as well as the September low at 107.32”.

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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