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USD/JPY still targets 118.33 – Commerzbank

FXStreet (Edinburgh) - The outlook for the pair remains on the bearish side, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

USD/JPY is side-lined in a 118.60-121.76 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 116.87 uptrend”.

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

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