USD/JPY appears supported in the 108.81/13 band – Commerzbank

Occasional declines in spot should find decent contention in the 108.81/13 band, suggested Axel Rudolph, Senior Technical Analyst at Commerzbank.

Key Quotes

“USD/JPY once again slides towards the 108.81/13 support zone, made up of the April and June lows. We still expect this area to hold and for the cross to level out ahead of the April low at 108.13”.

“While it holds another attempt at breaking above the 111.05 current August high could still be seen. Failure at the 108.13 April low would put the July 2016 high at 107.49 on the map”.

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