USD/JPY: Near term support line eroded – Commerzbank
|According to Karen Jones, analyst at Commerzbank, USD/JPY again sold off following its recent key day reversal and has now eroded its near term support line.
Key Quotes
“Attention has reverted to the November low at 107.89. Given the very dense overhead resistance, namely the 200 week moving average at 109.83 and the 2015-2019 downtrend at 110.59, we will assume that the market has topped for now.”
“Failure at 107.89 will trigger losses to the 106.48 October low. Failure at 106.48 will target 106.00, then 105.32/78.6% retracement which is the last defence for the 104.46 August low.”
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.