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USD/JPY has sold off to the 200 day ma – Commerzbank

Karen Jones, analyst at Commerzbank, points out that the USD/JPY pair has sold off to the 200 day ma at 110.91 and failure here will target the August low of 109.77.

Key Quotes

“If the 109.77 August low were to give way, the June 8 low at 109.20 would be in focus. Failure there would imply a slide back to the 108.12 May 29 low and the mid- February high at 107.91.”

“Rallies will find initial resistance at 112.23 the 6 th December low and the 112.92/113.02 (the 20 and 55 day ma) ahead of the top of the range at 113.84. A close above here is needed to confirm scope to the 114.55 October high.”

“Above the market lies the 114.55 October high and the 115.60 61.8% Fibonacci retracement - this represents very tough overhead resistance.”

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