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- USD/JPY: Trading in a tight range – Commerzbank
USD/JPY: Trading in a tight range – Commerzbank
Axel Rudolph, analyst at Commerzbank, suggests that USD/JPY continues to trade in a tight range just below the 109.71/79 resistance zone, made up of the current December highs and also the November 2018 to 2019 downtrend line, as well as the 200 week, moving average.
"Only if the 109.71/79 area were to successfully be bettered on a daily chart closing basis, would the 2015-2019 downtrend line at 110.39 be back in the picture. We expect it to cap, if reached, however. Support can still be seen between the 200- and 55-day moving averages as well as the current December low at 108.76/43. Only unexpected failure at 107.89 would probably trigger losses to the 106.48 October low. Failure at 106.48 would target the 106.00 mark. On a weekly chart close above the 2015-2019 downtrend line at 109.74."
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