USD/JPY has topped for now – Commerzbank

According to Karen Jones, analyst at Commerzbank, USD/JPY has sold off to the 55 day ma at 108.44, which has so far held and with no resistance of note has been overcome and attention remains on the November low at 107.89.

Key Quotes

“Given the very dense overhead resistance, namely the 200 week moving average at 109.83 and the 2015-2019 downtrend at 110.59, we will assume that the market has topped for now.”

“Failure at 107.89 will trigger losses to the 106.48 October low. Failure at 106.48 will target 106.00, then 105.32/78.6% retracement which is the last defence for the 104.46 August low.”