USD/JPY holds steady around the 114.00 mark. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to tick down towards the 113.41 uptrend.
USD/JPY to target 114.55, then 115.60 in the long-run
“USD/JPY failed to close above the 114.55 October 2018 high, and near-term is easing lower.”
“We would allow for a retracement towards 113.41 the short-term uptrend ahead of further strength. This guards 111.66 July high and 110.80 the mid-August high.”
“Above 114.55/70 we have 115.60, the 61.8% retracement of the move down from 2015 and then the 117.06 the 1998-2021 resistance line.”
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