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USD/JPY bids underpinned by 107.37 – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, observed that the buying interest remains solid above the 107.37 level.

Key Quotes

USD/JPY no change, the market has inched higher, the new high has not been confirmed by the daily RSI and we have a 13 count on the daily chart, both of which imply some profit taking”.

“The market is finding some good nearby support circa 108.50/25 and remains under pinned by the 107.37 short term uptrend. We will assume while above here that the market remains well placed for further gains”.

“The market remains capable of gains to the 110.67 August 2008 high. Directly above here lies the 50% retracement of the entire move down from the 1998 peak at 111.47 and we would allow for some profit taking in this vicinity”.

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