USD/JPY to target the July high at 108.16/20 – Commerzbank

The Japanese yen remains weak as USD/JPY has reached the next Fibonacci level at 107.14. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, believes the pair has the July peak at 108.16/20 in its sights.

Key quotes

“USD/JPY has reached 107.14, the 50% Fibo, and may see some near-term consolidation here ahead of further gains to the 108.16/20 July peak.” 

“Our target remains the 200-week ma at 109.03.” 

“Intraday Elliott wave counts are implying a small retracement to 106.65/35 ahead of further strength.”