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According to Karen Jones, analyst at Commerzbank, USD/JPY’s near term rebound is viewed as corrective only and should terminate ideally around the 50% retracement at 110.71.

Key Quotes

“The market recently charted a key week reversal from the 112.46 2015-2019 downtrend. Failure here should concentrate attention on the recent low at 109.02. Failure 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 111.43 200 day ma, these guard the 112.46 downtrend.”

“Above the 112.46 downtrend lies the 114.55 October 2018 high.”