USD/JPY set to plummet towards the 105.75 mark – Commerzbank

USD/JPY has started to erode the 2021 uptrend, which suggests scope to the 200-day moving average at 105.75, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Uptrend eroded

“USD/JPY on Friday eroded the 2021 uptrend at 107.74 – this leaves the market under pressure and it has introduced scope to 105.75, the 200-day ma.”

“Initial resistance is 108.40, the 23rd March low and the 55-day ma at 109.18. This maintains a negative bias.”