USD/JPY: 112.00 expected to hold the test – Commerzbank

By FXStreet Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects the pair’s decline to find support in the 112.00 area.

Key Quotes

“USD/JPY has again sold off to confirm that this is a top and introduce scope to the 106.63/38.2% retracement of the move up from 2012 and the 105.40 2014 high”.

“We have a Fibonacci extension at 112.00 and this may hold the initial test. Rallies should now struggle 113.90/115.00”.
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Source:: FX Street