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USD/JPY bullish above 118.11 – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, reiterated the bullish stance on the pair while above the 118.11 level.

Key Quotes

USD/JPY last week saw some minor near term weakness (this is expected to remain relatively shallow)”.

“Dips lower should ideally terminate circa 122.08/121.70. The accelerated uptrend lies at 122.08 ahead of the 3 month support line at 119.17”.

“Key support remains 118.11 the 2012-2015 uptrend, while above here we are bullish”.

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