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USD/JPY downside would be corrective – Commerzbank

FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the current correction could find strong support around the 106.95/80.

Key Quotes

USD/JPY has sold off and is approaching initial target zone at 106.95/80 (38.2% retracement and uptrend), where we favour recovery”.

“Only below 106.80 will introduce scope for 104.80/105.05”.

“This move lower is indicated to be a correction only and beyond this we look for further gains to the 110.67 August 2008 high”.

“Directly above here lies the 50% retracement of the entire move down from the 1998 peak at 111.47 and we would allow for some profit taking in this vicinity”.

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