USD/JPY: False break higher – Commerzbank
|USD/JPY has eroded the 110.31 January high and it is possible that the market has seen a false break higher, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank
Key quotes
“While dips hold above 109.66 an immediate upside bias is maintained and for now a slight upside bias persists.”
“Last week the market rallied towards the 50% retracement at 112.43 (of the move down from 2015), where it has so far failed. Only below the 108.77 uptrend would upside pressure abate.”
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.