USD/JPY further rangebound expected very near term – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes spot is poised to extend the sideline theme in the very near term.

Key Quotes

“Last week USD/JPY practically reached the September low at 107.32 before coming off again. Further sideways trading between last week’s high and the current March low at 107.30 and 105.24 should be seen today”.

“A rise above the 107.32 level would have the February 21 and 27 highs in its sights. If bettered, the 110.48 February high would be back in the picture as well”.

“Failure at 105.24 would push the 105.00 mark to the fore (TD support and psychological level)”.

“Failure at the 105.00 level on a daily closing basis would trigger losses to the 101.19/99.00 June-to-November 2016 lows”.