USD/JPY initial test comes at 109.90 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees spot facing support around 109.90.

Key Quotes

“USD/JPY remained under pressure and is heading to the 110.67 recent low – there is scope for the 109.90 base of the channel, we look for this to hold the initial test”.

“We note the 13 count on the 240 minute chart but rallies are indicated to terminate circa 111.45/65, mid point of the channel is 111.88 and the top of the channel is 113.87”.