USD/JPY interim low lies at 108.72 – Commerzbank

In opinion of Senior Technical Analyst at Commerzbank Axel Rudolph, spot seems to have recorded an interim low in the 108.70 region.

Key Quotes

“USD/JPY continues to bounce off its June low and nears the 111.05/34 early August high and 55 day moving average. We believe that another interim low was formed at 108.72 in August. Failure at 108.72 is needed for slippage to the 108.13 April low”.

“Below 108.13 would target the 107.49 July 2016 high, then 106.50, the 61.8% retracement of the move 2016-2017”.