USD/JPY Well Supported at 108.30/107.65 – Commerzbank
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair should find strong support in the 108.30/107.65 band.
“USD/JPY came under downside pressure over the past few days and while this is enough to delay our bullish bias it is not enough to negate it”.
“We look for dips lower to remain well supported in the 108.30/107.65 band”.
“Beyond this dip back, we are overall bullish and attention is on the 111.90 last reaction high – this will need to be eroded to confirm that the market has based (favoured)”.
“We look for dips to hold over 107.65 and while above here stay bullish. Above 110.90 we look for gains to the 50% retracement of the move down from December 2015 and the mid February high at 114.57/87”.