USD/JPY could slip towards 118.33/25 – Commerzbank

By FXStreet FXStreet (Edinburgh) – According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees USD/JPY could grind lower to the 118.33/25 band.

Key Quotes

“The market has failed at the 61.8% retracement at 121.80 We look for a retest of 118.33/25 (March low) en route to the 116.15/115.85 2015 low and the recent low”.

“Directly below here lies the 2012-2015 115.56 uptrend. Below here lies the 23.6% retracement of the entire move up from the 2011 low – this is located at 113.98. We look for this to hold the initial test”.
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Source:: FX Street