USD/JPY: Sell-off is complete - Commerzbank

According to Karen Jones, analyst at Commerzbank, USD/JPY pair has eroded the 55 day ma and the 2 month uptrend at 110.25/33 and the sell-off looks to be corrective but so far is complete.

Key Quotes

“The next corrective ‘target’ is the 38.2% retracement at 109.06 and there is scope for the 50% retracement at 108.11. The base of the cloud lies at 108.90.”

“Immediate resistance is 111.45 200 day ma, the 112.13 March high and 112.23, the 6th December low, the 112.43 55 quarter moving average and recent high at 113.71. We have a 5 month resistance line also at 113.01.”