USD/JPY: Scope for a dive to the 55-week ma at 107.00 – Commerzbank

USD/JPY has again sold off following the recent rejection from the 110.70 level. The pair is set to retest the 109.07 and 108.73 recent lows, in the view of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

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USD/JPY is approaching recent lows

“We look for a retest of the 109.07 and 108.73 recent lows. A drop through 108.56 (end of May low) would engage the 107.48 April low.”

“The 55-week ma lies at 107.00 and we would allow for some consolidation there.”