Karen Jones, analyst at Commerzbank, suggests that the USD/JPY pair is back under pressure after it rallied to and failed at the 108.75 accelerated downtrend.
Key Quotes
“We would allow slippage towards the 104.10 spike low.”
“The recent move lower was exhaustive and we suspect that this will hold for now. While near term rallies are contained by the 111.38 26th October low, it will remain overall offered. Support at 104.63/10 guards 100.70 Fibonacci support and the 99.00 2016 low.”
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