USD/JPY testing key supporting fibo area – Commerzbank

By FXStreet Axel Rudolph, analyst at Commerzbank noted USD/JPY‘s drop through 106.63 38.2% Fibonacci retracement of the move up from 2012 and trajectory towards the 200 month and week moving averages at 105.86/23.

Key Quotes:

“This area is key support and we continue to look for it to underpin the market. We have minor resistance at the 20 day moving average at 109.23 and stronger resistance at 111.73/90….To see any real upside scope emerge we need recovery through this secondary level.”
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Source:: FX Street