USD/JPY Supported by 105.86/23 – Commerzbank
Senior Technical Analyst at Commerzbank Axel Rudolph sees the pair well supported in the 105.86/23 area.
“USD/JPY drops towards the 106.63 38.2% Fibonacci retracement of the move up from 2012 and the 200 month and week moving averages at 105.86/23”.
“This area is key support and we continue to look for it to underpin the market”.
“We have minor resistance at the 20 day moving average at 109.23 and stronger resistance at 111.73/90. To see any real upside scope emerge we need recovery through this secondary level”.