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USD/JPY still points downwards – Commerzbank

FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the outlook on the pair keeps pointing to the 118.30 area.

Key Quotes

USD/JPY is sidelined in a 118.60-121.80 range. This suggests a reluctance to break down”.

“However it has not done enough to negate the downside effort and for now we will continue to target the 118.33 March low en route to the 2012-2015 116.62 uptrend”.

“We look for this to hold the downside and provoke recovery”.

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