USD/JPY bid above 113.84 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s bias stays bid above 113.84.

Key Quotes

“USD/JPY has eroded its 100 week ma at 114.74, and appears to already be resuming its up move. Last week price action held rigidly above the Imoku 1 support, currently at 113.84 and the market is immediately bid above here. We note the 13 count on the 60 minute chart and may see a small dip lower very near term”.

“Above here we also have the 61.8% retracement of the move 2015- 2016) at 116.00 and we are allowing for a near term consolidation. Above here would target 120.00/120.10, the 78.6% retracement of the move down from 2015”.