USD/JPY positive above 103.55 – Commerzbank

The outlook on USD/JPY remains bid as long as it trades above 103.55, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/JPY is again struggling at the 106.33 55 day ma. We have covered longs for now, directly overhead lies 106.70/87, the 24th January high and 61.8% retracement”.

“This represents the break up point to the 107.90 2016 resistance line and the 108.78/78.6% retracement. This is the last defence for 111.45 May high”.

“The market stays immediately bid above the 103.55 support (16th June low), we note that the intraday Elliott count is suggesting a 103.90/15 retracement ahead of further gains”.