Axel Rudolph, analyst at Commerzbank, explains that USD/JPY pair has continued to have the July and August highs at 108.99/109.32 in focus.
Key Quotes
“Short-term the cross is likely to consolidate a little around the 50% retracement at 108.43. Minor support below the 55 day moving average at 107.24 sits at the 105.74 current September low.”
“Good support below the 105.74 low can be spotted between the midand late August lows and the 200 month moving average at 115.05/104.38. Further down sits the January low at 104.10.”
“Failure at 104.10 would target the 2016 low at 99.00.”
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