USD/JPY: Corrective rebound – Commerzbank
|Commerzbank analysts point out that USD/JPY is seeing a minor rebound from the 50% retracement at 106.47, but this has been slightly deeper than they hoped.
Key Quotes
“Currently we suspect that the market will struggle to make gains but with no additional sell signal is relatively neutral very near term. Failure at 106.47 will target 106.00, then 105.32/78.6% retracement which is the last defence for the 104.46 August low.”
“The recent rejection from the 50% retracement at 108.43 (of the move down from April) and the mid September high at 108.48 is viewed as an interim top.”
“The market stays offered below the 200 day ma at 109.07. The 200 day ma guards the 55 and 200 week moving averages at 109.91/110.24.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.