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In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair should keep the positive bias while above 110.61.
Key Quotes
“USD/JPY seems to have little interest in tackling nearby resistance at 112.00/15. But for now while underpinned by the uptrend today at 110.61 our bias is positive. The market has recently tested and recovered from support offered by the 55 week moving average at 110.33 and the 200 day moving average at 109.78. We therefore maintain an upside bias while above here and anticipate an eventual retest of the August high at 112.15 above which sit the July peak and 200 week moving average at 113.18/30”.
“If the 109.77 level were to give way (recent low), the June 8 low at 109.20 would be in focus. Failure there would imply a slide back to the 108.12 May 29 low and the mid-February high at 107.91”.