USD/JPY set to suffer some near-term weakness after failing at 110.70 – Commerzbank

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.”

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