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USD/JPY bearish below 120.35/80 – Commerzbank

FXStreet (Edinburgh) - The pair’s outlook remains negative while below the 120.35/80 area, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

USD/JPY is consolidating – it faces a number of resistances directly overhead from 120.42 to 121.80”.

“It is side lined in a converging space, and below lies the near term support line, this is located at 119.20 today. Currently we remain negative below the 121.35/80 zone”.

“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”.

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