USD/JPY strong support lies at 105.55/24 – Commerzbank

In view of Axel Rudolph, Senior Analyst at Commerzbank, the pair should meet tough support in the 105.55/24 band.

Key Quotes

“This week USD/JPY practically reached the September low at 107.32 before coming off again. A rise above this level would have the February 21 and 27 highs in its sights. If bettered, the 110.48 February high would be back in the picture as well”.

“Strong support sits between the February and March lows at 105.55/24, unexpected failure of which would push the 105.00 mark to the fore”.

“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”.