USD/JPY could find resistance around 111.80 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, bullish attempts in the pair could find resistance in the 111.80 area.

Key Quotes

“USD/JPY is in marginal new lows for the year – and has sold off to the 109.87 base of the channel, we look for this to hold the initial test (we note the 13 count on the 240 minute chart and TD support circa 109.70)”.

“Rallies will find initial resistance offered by the mid point of the channel at 111.86 and the 20 day ma at 112.36”