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The USD/JPY pair has eroded the 20-day moving average at 109.51eroded to leave the market under pressure, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

USD/JPY sells off

“USD/JPY is under pressure following the demise of the 20-day ma at 109.51 and the mid-March high at 109.36, and it has already reached the 23.6% retracement at 109.00.”  

“We would allow for a slide to initially the March 10 and 23 lows at 108.41/34 and there is scope for the 38.2% retracement at 107.77.”  

“Above 110.97 lies the 111.13/38 October 2018 low and mid-February 2019 high.”