USD/JPY offered below 107.17 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s stance remains offered while below 107.17.

Key Quotes

“USD/JPY has seen a large divergence of the daily RSI and this reflects a loss of downside momentum. It remains capped by its 20 day ma at 107.17 and while below here will remain directly offered. Intraday Elliott wave counts on the 60 minute and 240 minute charts are more positive and it is probable that we will see the market hold above the psychological support at 105.00 for now. Failure at 105.00 on a closing basis would trigger losses to the 100.70/99.00, the 2016 low”.

“Above 107.90 (21st February high) targets the 110.48 February high”.