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USD/JPY: pullbacks seen contained at 120.70/40 – Commerzbank

FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, occasional dips in spot should be initially contained by the 120.70/40 area.

Key Quotes

USD/JPY on Friday eroded the 200 day moving average at 120.97, and closed above here for the first time in 6 weeks”.

“Focus has shifted to tough resistance at 121.76/79 offered by the late August high and the 61.8% retracement. This remains the break up point to 123.33, the 78.6% retracement and 125.00/28 (the August high)”.

“We look for dips lower to be contained by 120.70/40 and the 119.91 20 day ma”.

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