USD/JPY risks a test of 107.60 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, there is the likeliness of a visit to the 107.60 area if 108.90 is cleared.

Key Quotes

“USD/JPY has sold off to the 108.90 Fibonacci retracement and failure here allows for a move to the 107.60 2012-2018 uptrend. This is expected to hold the downside”.

“Initial resistance lies at 110.19 (last week low) ahead of 111.48/77 (200 day ma)”.

“Only above 114.38/82 would target the 118.60 January 2017 high”.