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USD/JPY set sails towards 105.45 – Commerzbank

FXStreet (Edinburgh) - In the view of Axel Rudolph, Senior Technical Strategist at Commerzbank, the pair could challenge ytd highs around 105.45 in the very near term.

Key Quotes

USD/JPY’s rally off the 61.8% Fibonacci retracement at 103.66 has now taken it above the 104.13 April high, the 78.6% Fibonacci retracement at 104.44 and the August peak at 104.49 to the mid-January high at 104.92”.

“Around this level it may lose upside momentum today but over the next few days the 105.45 2014 peak should be touched”.

“Support below 104.49/44 can be seen at 103.66/50. It is where the 61.8% retracement and last week’s low are to be seen”.

“Further support comes in around the July peak at 103.15”.

“We will retain our immediately bullish view while USD/JPY trades above the August 22 low at 103.50 on a daily chart closing basis”.

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