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USD/JPY: Negative bias below 109.09 – Commerzbank

Karen Jones, analyst at Commerzbank, USD/JPY pair is likely to remain offered, while capped by the 109.09 resistance and is currently consolidating just below 109.00 levels.

Key Quotes

“It is back under pressure and we would allow slippage back towards the 104.10 spike low.”

“The recent move lower was exhaustive and we suspect that this will hold for now. A negative bias remains intact while capped by 109.09, last weeks high. Above here will allow for a retest of the 111.38 the 26th October low. Support at 104.63/10 guards the 100.70 Fibonacci support and the 99.00 2016 low.”

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