USD/JPY remains bid above 113.09 – Commerzbank

The pair looks for extra gains to the mid-114.00s while above 113.09, noted Senior Analyst at Commerzbank Axel Rudolph.

Key Quotes

“USD/JPY remains bid above upper cloud support at 113.09. We look for further gains to the 114.55 October high which is likely to hold the initial test. Above 114.55 would target the 115.60 61.8% Fibonacci retracement on the way to 118.66, the December 2016 high. The cross is underpinned by the 55 day moving average at 112.60 and cloud support at 113.09/112.16”.

“Only failure at the 112.16 lower cloud support would target the 110.08/109.77 200 day moving average and August low”.