USD/JPY scope for another test of 111.05 – Commerzbank

In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, spot could attempt a visit to the 111.00 area as long as 108.81/13 band holds.

Key Quotes

“USD/JPY is retesting the 108.81/13 support zone, made up of the April and June lows. We expect this area to hold and for the cross to level out ahead of the April low at 108.13”.

“While it holds another attempt at breaking above the 111.05 current August high could still be made. Failure at the 108.13 April low would put the July 2016 high at 107.49 on the map”.

“Below 108.13 would target the 107.49 July 2016 high, then 106.50, the 61.8% retracement of the move 2016-2017”.