USD/JPY faces resistance at 109.73 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair faces strong resistance in the 109.70 area.

Key Quotes

“USD/JPY is seeing a tiny rebound. The market recently charted the TD perfected set up and 13 count on the daily chart and we would expect 106.63/105.87 to hold (fibo +200 month ma)”.

“Yesterday we recommended exiting any remaining short positions. It is attempting to recover from circa 107.60. Nearby resistance lies 109.73, 110.67 (March low)”.

“We will need a close above 110.67 to alleviate immediate downside pressure and allow for recovery to the 20 day ma at 111.09 and the resistance line at 111.73”.