According to Karen Jones, analyst at Commerzbank, USD/JPY pair is back under pressure and suggests that they would allow slippage back towards the 104.10 spike low after it rallied to and has so far failed at the 108.49 accelerated downtrend.
Key Quotes
“The recent move lower was exhaustive and we suspect that this will hold for now. A negative bias remains intact while capped by 109.09, last weeks high, Support at 104.63/10 guards 100.70 Fibonacci support and the 99.00 2016 low.”
“Resistance at 111.38, the 26th October low, guards112.23 the 6 th December low and the top of the range at 113.84.”
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