USD/JPY Faces Resistance at 109.73 – Commerzbank
In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair faces strong resistance in the 109.70 area.
Key Quotes
“USD/JPY
is seeing a tiny rebound. The market recently charted the TD perfected
set up and 13 count on the daily chart and we would expect 106.63/105.87
to hold (fibo +200 month ma)”.
“Yesterday we recommended exiting
any remaining short positions. It is attempting to recover from circa
107.60. Nearby resistance lies 109.73, 110.67 (March low)”.
“We
will need a close above 110.67 to alleviate immediate downside pressure
and allow for recovery to the 20 day ma at 111.09 and the resistance
line at 111.73”.
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