USD/JPY is approaching the 104.20 July low and Commerzbank’s Karen Jones expects the pair to see a small rebound form this level ahead of further losses. Key quotes “USD/JPY has recently severed the six-month uptrend and has sold off to the late July low at 104.20 – this guards the 103.43/78.6% Fibonacci retracement, which is the last defence for the 101.18 March low.” “Intraday rallies should now struggle ahead of the 55-day ma at 106.13.” “Please note that we suspect that 104.20 will hold the initial test for a small rebound ahead of further losses. “The market will need to regain 107.05, the recent high, to trigger a move to the 200-day ma at 107.72.” “We are negative, intraday rallies are indicated to falter around 105.04.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Gold Price Analysis: XAU/USD to face an uphill task, with eyes on $1969 – Confluence Detector FX Street 1 year USD/JPY is approaching the 104.20 July low and Commerzbank’s Karen Jones expects the pair to see a small rebound form this level ahead of further losses. Key quotes “USD/JPY has recently severed the six-month uptrend and has sold off to the late July low at 104.20 – this guards the 103.43/78.6% Fibonacci retracement, which is the last defence for the 101.18 March low.” “Intraday rallies should now struggle ahead of the 55-day ma at 106.13.” “Please note that we suspect that 104.20 will hold the initial test for a small rebound ahead of further losses. “The market will need to… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
