USD/JPY scope for a test of 103.55 near-term – Commerzbank

Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, sees the likeliness of the pair to re-visit the mid-103.00s in the short term.

Key Quotes

“USD/JPY has maintained its break of the four month downtrend. We assume some near term upside scope to the 103.55 16th June low and the 104.32 September high. Intraday dips are indicated to hold circa 102.30/101.85 and minor Fibo support at 101.45 guards the 100.08 4 month uptrend. Longer term we suspect that the market is basing”.

“Note that we do have a TD perfected set up on the 240 minute chart and are likely to see some consolidation ahead of another leg higher”.