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USD/JPY: Market has topped – Commerzbank

Karen Jones, analyst at Commerzbank, points out that USD/JPY yesterday charted a key day reversal from 109.73.

Key Quotes

“Given the very dense overhead resistance, namely the 200 week moving average at 109.83 and the 2015-2019 downtrend at 110.59, we will assume that the market has topped for now. While this resistance area caps, near term attention will remain on the recent low at 107.89.”

“Failure here will further alleviate upside pressure and trigger losses to the 106.48 October low. Failure at 106.48 will target 106.00, then 105.32/78.6% retracement which is the last defence for the 104.46 August low.”

“On a close above the 2015-2019 downtrend.”

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