Karen Jones, analyst at Commerzbank, explains that USD/JPY pair was rejected yesterday by the 20day ma at 109.81 and has again sold off – the recent low at 109.02 is exposed.
Key Quotes
“The market stays immediately offered below the near term downtrend at 110.00. Failure at the recent low at 109.02 would push the late January low at 108.49 and the 50% retracement at 108.25 to the fore.”
“Further down sits the 107.27 61.8% Fibonacci retracement. Minor resistance comes in at the 110.84 April 10 low and the 111.38 200 day moving average. These guard the 112.33 downtrend.”
“We look for the market to remain capped by its downtrend, only above here would target the 114.55 October 2018 high.”
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