USD/JPY scope for further upside – Commerzbank

The pair is expected to test the 107.30 area ahead of 107.90 in the short-term horizon, suggested Senior Analyst at Commerzbank Alex Rudolph.

Key Quotes

“USD/JPY tries to recover further from its current March low at 105.24. Over the coming days the September low at 107.32 and then the February 21 and 27 highs are still expected to be reached. If bettered, the 110.48 February high would be back in the picture”.

“Strong support sits between the February and March lows at 105.55/24”.

“Failure at the 105.00 level on a daily closing basis would trigger losses to the 101.19/99.00 June-to-November 2016 lows”.