According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s correction lower could be nearly finished.
Key Quotes
“USD/JPY has recently sold off to the 55 day ma at 108.21. In this vicinity we find the 50% retracement at 107.97 and the midFebruary high at 107.91. We suspect that the correction may be ending but we will need to regain the 20 day ma at 109.72 to confirm”.
“Above the 20 day ma, rallies will find resistance at the 111.39 recent high but key resistance remains the 112.21 2015-2018 downtrend”.
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