USD/JPY still bounces off the 61.8% Fibonacci retracement at 103.66 hovering around the 104.13 April high, notes Commerzbank.
“Minor support below 103.66 comes in around the July peak at 103.15. The August high at 104.49 is regarded as the last defence for the 105.45 2014 peak,” CB adds.
“We will retain our immediately bullish view while USD/JPY remains above the August 22 low at 103.50 on a daily chart closing basis,” CB advises.
In line with this view, CB maintains a long USD/JPY position from 103.60, targeting 105.30, with a revised stop at 103.50.
