USD/JPY targets 106.63 in the longer run – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects the pair to grind lower towards the 106.60 area in the long term.

Key Quotes

“USD/JPY has held the 110.98 recent low, it has provoked a sharp rebound which has eroded the accelerated downtrend and for now we will exit our short positions”.

“We target the 106.63/38.2% retracement of the move up from 2012 and the 105.40 2014 high longer term”.