USD/JPY closer to 112.25 – Commerzbank

Spot keeps pushing higher and is now eyeing the key 200-day sma in the 112.20 area. Noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/JPY continues to see a strong rebound from its previous downtrend, which is currently acting as support circa 109.23. It has reached the cloud, which extends to 111.61, and this guards the 112.25 200 day ma and the top of the range at 114.38/49”.

“The previous downtrend guards the 108.13 April low and the recent low at 107.32”.

“Below 107.32 will target then 106.50, the 61.8% retracement of the move 2016-2017. There is scope for the 2012-2017 uptrend at 105.48, but we look for this to hold the downside”.