According to Karen Jones, head of the technical analysis department at Commerzbank, the recovery of the dollar / yen pair could spread to the area of 111.00. “USD / JPY has recently formed a” key bullish turn day “, and this implies a recovery to the current August high of 111.05 and 111.20, where the 55-day moving average is passing. With a break above, the market will target 112.50, the area of passage of the 200-day moving average. And with a further increase, there is room for testing the upper part of the range at 114.38 / 49.
The bullish picture will be crossed out by a fall below 108.13. In this case, the immediate target will be 107.49, the minimum July 2016, then 106.50, 61.8% of the Fibonacci correction from the 2016-2017 movement, “said Ms. Jones