USD/JPY negative sub-121.80 – Commerzbank

By FXStreet FXStreet (Edinburgh) – In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the offered tone prevails in spot below the 121.80 level.

Key Quotes

“USD/JPY continued to trade below the 200 day ma at 120.81 and is offered below here. The market has failed recently at the 61.8% retracement at 121.80”.

“We look for this to continue to cap the topside and we then 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