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USD/JPY has failed at the 1.618 Fibonacci extension – Commerzbank

FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY has eased lower after climbing to almost 119 levels having faced rejection at the 1.1618 fibonacci extension level.

Key Quotes

“USD/JPY has eased lower and appears to have failed just ahead of the January and October 2006 highs at 119.40/88 and also the psychological 120.00 region."

"We note the 1.618 Fibonacci extension
cutting in at 119.07 and we suspect that we will see some profit taking here."

"The daily RSI has turned more negative and the near term risk is for slide back to 116.11, 11th November high and the 113.78 uptrend.”

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