USD/JPY focus shifted to 104.17 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s attention is now on the 104.17 level.

Key Quotes

“USD/JPY has failed to again penetrate the cloud resistance today at 106.46 and attention reverts to its 20 day ma at 104.17. Ideally we should see an attempt to stabilise here ahead of another leg higher”.

“If we are correct we should see a re-challenge of the 107.49 recent high. We should ideally see the market hold over the 103.55 mid June low”.

“Ideally we would like to see a close above 107.49 (last weeks high) as an absolute minimum to confirm upside intent. Overhead lies the 108.78/78.6% retracement, which is the last defence for 111.45 May high. The market stays immediately bid above the 103.55 support (16th June low)”.