USD/JPY could test 103.55/90 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair could attempt a test of the 103.55/90 band.

Key Quotes

“USD/JPY has seen an extremely strong recovery off circa 100.00”.

“This move looks directional and at this stage we will assume that the 103.55/90 resistance is exposed”.

“This is the 16th June low, the 61.8% retracement of the Brexit sell off and the near term resistance line and this will need to be cleared (now looking more likely) to assert upside recovery to 105.55 (May low) and the 106.87 24th January high. Near term dips are indicated to hold circa 102.50/05”.