USD/JPY stays bid, underpinned by 109.10 – Commerzbank

The pair’s stance remains bid for the time being and stays underpinned by the 109.10 level, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/JPY remains bid, it is well supported by the three month uptrend line at 109.10. It is well placed to challenge the strong resistance seen at the 110.05/20 current May high and the 200 day ma. Currently we do not have enough to suggest that this will be overcome and we are wary of failure”.

“Above the 200 day ma, key resistance remains to be seen at the 112.39 2015-2018 downtrend line”.

“Only a fall below the recent low at 108.65 (4 th May low) would put the 107.90 mid-February high on the cards”.