USD/JPY door open for a test of 118.06 – Commerzbank

By FXStreet FXStreet (Edinburgh) – According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, a visit to the 118.06 level remains on the cards in the pair.

Key Quotes

“USD/JPY remains under pressure following its break of its 2012-2016 uptrend and we look for losses towards the 118.06 October 2015 low”.

“Failure here will trigger losses to the 116.15 August low. The outlook is looking increasingly negative short term and at this stage we are unable to rule out losses back to the 114.00/113.95, the 23.6% retracement of the entire move up from the 2011 low. Please note the base of the weekly cloud lies at 113.47”.
For more information, read our latest forex news. …read more

Source:: FX Street