USD/JPY focus is now on 106.63 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, has noted the relevance of the 106.63 level in light of the ongoing weakness in the pair.

Key Quotes

“USD/JPY has eroded the base of the short term channel and the 2015-2016 channel and attention has reverted to the 106.63/38.2% retracement of the move up from 2012”.

“In this vicinity we also find the 200 month ma at 105.87 and we suspect that the market will attempt to stabilise here”.