USD/JPY still expects to test 114.38/49 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair still targets the 114.38/49 region.

Key Quotes

“USD/JPY remains marginally above the 200 day ma at 112.02 but since the new high at 113.26 has not been confirmed by the daily RSI we remain cautious. We still allow for some minor consolidation very near term ahead of further gains to the top of the range at 114.38/49. Intraday dips should be find initial support offered by the 200 day ma at 112.02 and also by the September 25 low at 111.47”.

“Support at 109.50 guards the 108.13 April low and the recent low at 107.32”.