USD/JPY: Under pressure? - Commerzbank

Karen Jones, analyst at Commerzbank, suggests that the USD/JPY pair remains under pressure following its recent key week reversal from the 112.59 2015-2019 downtrend.

Key Quotes

“It has now sold off to the 109.70 low, which has also been eroded (but is so far holding on a closing basis.”

“We have the base of the weekly cloud at 109.55 and this guards the 38.2% retracement at 109.22 and we may see some near term consolidation around here. Failure here targets the 50% retracement at 108.25. Intraday rallies are indicated to fail around 110.10/40.”

“Above the 112.59 downtrend will target the 114.55 October 2018 high.”