USD/JPY eyes 104.00 after a sharp sell-off from the three-month downtrend at 105.82 – Commerzbank
|USD/JPY consolidates the previous day’s losses, the biggest since late-August, as trades barely changed on Thursday just below the 104.60 mark after seeing a sell-off from the 105.82 resistance line. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, is focused on the 104.00 September low.
Key quotes
“USD/JPY has sold off sharply from the three-month downtrend at 105.82 and focus is on the 104.00 September low. This guards the 103.43/78.6% Fibonacci retracement which is the last defence for the 101.18 March low.”
“Rallies will find initial resistance lines at 105.82 ahead of the seven-month resistance line at 106.38. Only above here will trigger a move to the 200-day ma at 107.28.”
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