USD/JPY further recovery lies above 112.01/13 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, bullish attempts need to clear the 112.01/13 band to allow for a recovery.

Key Quotes

“USD/JPY is we suspect attempting to stabilise above the 110.06 200 day ma but intraday rallies will need to overcome 112.01/13 to allow for a recovery. Meanwhile while capped by 112.13 (this weeks high) we will assume it remains capable of testing the 200 day ma. This guards the 108.13 April low. It is neutral to negative very near term”.

“Rallies will need to regain 112.13 to retarget the 114.38 recent high”.