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USD/JPY has eroded the 110.31 January high and it is possible that the market has seen a false break higher, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank

Key quotes

“While dips hold above 109.66 an immediate upside bias is maintained and for now a slight upside bias persists.”

“Last week the market rallied towards the 50% retracement at 112.43 (of the move down from 2015), where it has so far failed. Only below the 108.77 uptrend would upside pressure abate.”