USD/JPY: Consolidating very near term – Commerzbank

According to Karen Jones, analyst at Commerzbank, USD/JPY continues to consolidate very near term following its recent sell off to and reversal from the 104.55/10 January low and the 2013- 2019 uptrend.

Key Quotes

“Support is reinforced by the 200 month ma at 104.44 and this should act as a near term floor for the market. We would allow for further gains to the 107.21 18th July low. A recovery above here is needed to alleviate immediate downside pressure. This guards the 108.99/109.32 recent highs.”

“Failure at 104.10 would target 99.00 the 2016 low, but for now we would allow for consolidation and look for the market to hold at circa 104.50/10.”