The Japanese yen remains weak as USD/JPY has reached the next Fibonacci level at 107.14. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, believes the pair has the July peak at 108.16/20 in its sights.
“USD/JPY has reached 107.14, the 50% Fibo, and may see some near-term consolidation here ahead of further gains to the 108.16/20 July peak.”
“Our target remains the 200-week ma at 109.03.”
“Intraday Elliott wave counts are implying a small retracement to 106.65/35 ahead of further strength.”
“Initial support lies at 105.71/46.”
“Key support remains the uptrend at 105.33. The uptrend protects the 104.40 January high.”
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.