USD/JPY door open for a test of the 109.90 area – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair remains well positioned to challenge the 109.90 area.

Key Quotes

“USD/JPY we suspect the market is consolidating ahead of a challenge to the 109.89 resistance line”.

“Should this hold the initial test, we would allow for a minor retracement to circa 107.50”.

“The market has recently based, we believe, at the 200 month and 200 week moving averages at 105.86/38. This area is key support and we continue to look for it to underpin the market”.