USD/JPY recovers from the 105.98 May low to test 200-DMA at 108.40 – Commerzbank

USD/JPY has recovered off its May low at 105.98 and is now ready to probe initial resistance at 107.41, then awaits the 108.40 200-day ma, per Commerzbank. 

Key quotes

“USD/JPY continues to recover off the 105.98 early May low. It is back in the range and is probing some moving average resistances. These extend up to 108.40.” 

“Rallies will find initial resistance at 107.41/59 ahead of the 108.40 200 day-ma and the 109.85/96 recent high and 200-week ma.” 

“Below 105.98 will target the 105.20 61.8% retracement and 104.46 the August 2019 low.”