USD/JPY: Outlook stays negative following recent trend break – Commerzbank

Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, maintains a negative bias for USD/JPY. The focus is on the July low at 109.54 – a break below here would open the path to the downside.

Resistance above this week’s high at 110.70 comes in at 110.97

“USD/JPY’s recent bounce failed along the breached 2021 uptrend line, the outlook stays negative.”

“Attention is currently at the July low at 109.54. Failure here would put the 108.56 late May low and the 107.48 April low back on the map.” 

“Resistance above this week’s high at 110.70 comes in at the 110.97 March peak and also at the 111.11 June 24 as well as at the current July high at 111.66.”