The Japanese yen remains weak as the USD/JPY pair has reached the 55-day moving average. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the dollar/yen to head towards 110.97.
“USD/JPY is eroding the 55-day ma and attention is on the high at 109.36 from the 15th March, our Elliott wave counts are all positive and for now we favour the topside.”
“We have re-drawn the uptrend and this lies at 107.80 and while underpinned here we remain positive.”
“The 109.36 level remains the barrier to 110.97 and 111.13/38 October 2018 low and mid-February 2019 high.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
