USD/JPY could re-test 111.67 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could retreat towards the 111.70 after failing to extend the up move beyond 114.40.

Key Quotes

“USD/JPY has failed at the 114.38 recent high, the RSI and slow stochastics indicators are more negative and we would allow for a small retracement towards the 200 day ma circa 111.67. Above 114.50 will see an extension to the 115.51/62, this years highs”.

“Key nearby support is the 250 day ma at 109.68 and 55 week ma at 109.33, below here, there is scope for slippage to the 108.13 April low”.