USD/JPY will hold the 55 week ma support at 108.46 - Commerzbank

Karen Jones, Technical Analyst at Commerzbank, noted in her latest report that USD/JPY is expected to hold key support near 108.50 region.

Key Quotes:

“USD/JPY near term outlook is negative. The market has sold off to the 108.75 200 day ma. Note the 55 week ma also lies here at 108.46 and we suspect will hold the initial test. Failure here will introduce scope to 107.50 July 2016 high then 106.85, the 61.8% retracement.”