USD/JPY could shed some ground near term – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could chart a slight pullback in the short term.

Key Quotes

“USD/JPY is losing immediate upside momentum we note the 13 count on the 240 minute chart and would allow for a slight pullback very near term. We also note a key day reversal was charted on Friday – only just though! Beyond this small pullback, there is scope for a move to the 200 day ma at 110.25. Key resistance remains the 112.44 2015- 2018 downtrend. Dips lower will find initial support at the 108.15 uptrend and 107.90 mid February high”.

“Below 107.90 will alleviate immediate upside pressure for a slide to the 55 day ma at 106.86, This guards the March low at 104.56”.