USD/JPY cautious following the recent top – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, keep the cautious stance on the pair after the recent peaks beyond 113.00 the figure.

Key Quotes

“USD/JPY has eroded the 200 day ma at 112.05. But the new high at 113.26 has not been confirmed by the daily RSI and we are therefore cautious. We notice the 13 count on the 60 minute chart and would allow for some minor consolidation very near term ahead of further gains to the top of the range at 114.38/49. Intraday dips should be find initial support offered by the 200 day ma at 112.05”.

“Support at 109.50 guards the 108.13 April low and the recent low at 107.32”.