FXStreet reports that Commerzbank’s Axel Rudolph expects the USD/JPY to test the 108.40 200-day moving average. Above this level lies the June high and 200-week moving average around the 110.00 mark.

“USD/JPY continues to oscillate around the 55-day moving average at 107.39 while remaining below the 200-day moving average at 108.40 which remains in focus, though.” 

“Above 108.40 lie the 109.85/110.01 June high and 200-week moving average. Directly above the 200-week moving average sit the 2017-2020 resistance line at 111.02. The 111.71/112.23 February and March highs add weight to this resistance area.” 

“Good support is spotted between the May and June lows at 106.07/105.99.”