USD/JPY: 2-year range base eroded – Commerzbank
USD/JPY has eroded the base of its 2 year range at 104.10/05 – 2018 low and the 200 month ma. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, examines the pair technically.
“The break below 104.10 introduced scope to 101.80/100.70 (long term pivot and Fibo) and this should hold the initial test. Below here lies the 99.00 June 2018 low, then 95.00/94.75 long term Fibo.”
“Near term rallies are indicated to fail in the 105.20/106.20 vicinity.”