USD/JPY: Downward pressure - Commerzbank
Karen Jones, analyst at Commerzbank, points out that the USD/JPY has seen a massive spike lower through the 104.56 2018 low and has halted at 104.10.
“While near term rallies are contained by the 111.38 26th October low, it will remain directly offered. Initial resistance lies at the 108.12 May 29 low and the mid- February high at 107.91. Together with the accelerated downtrend at 109.98. Support at 104.63/10 guards 100.70 Fibonacci support and the 99.00 2016 low.”
“Resistance at 111.38, the 26th October low, guards 112.23 the 6th December low and the top of the range at 113.84.”