USD/JPY focus to remain at 118.11 – Commerzbank

FXStreet (Barcelona) - Axel Rudolph, Analyst at Commerzbank, believes that USD/JPY’s upside move might remain capped at the December high at 120.82, which would put focus to lows near 118.11.

Key Quotes

“USD/JPY’s bounce off its March low at 118.33, which was made close to the 118.11 February 16 low, has taken it to the two month resistance line and the February high at 120.27/48, which, together with the late December high at 120.82, is likely to cap it, though.”

“While this is the case, the 118.11 February 16 low and then the February low at 116.64 will remain in focus.”