USD/JPY stays beneath 110.50 as the pair failed to shut above the 110.70 pivot. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects USD/JPY to dip in the short-term.
Drop thru 108.56 to interact the 107.48 April low
“USD/JPY has traded thru however failed to shut over the 110.70 level. Currently, we are pretty impartial however would enable for some near-term weakness.”
“Only a drop thru 108.56 would have interaction the 107.48 April low.”
“The 55-week ma lies at 106.86 and we would permit for some consolidation there.”