USD/JPY to pounce on the 110.97 mark – Commerzbak

The Japanese yen remains weak as the USD/JPY pair has reached the 55-day moving average. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the dollar/yen to head towards 110.97.

Positive above the 107.80 uptrend

“USD/JPY is eroding the 55-day ma and attention is on the high at 109.36 from the 15th March, our Elliott wave counts are all positive and for now we favour the topside.”

“We have re-drawn the uptrend and this lies at 107.80 and while underpinned here we remain positive.” 

“The 109.36 level remains the barrier to 110.97 and 111.13/38 October 2018 low and mid-February 2019 high.”