USD/JPY set to slide below the 109.00 level – Commerzbank
|USD/JPY was last seen hovering near the lower end of its intraday trading range, around mid-109.00s. In the view of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the USD/JPY pair is seen testing Fibonacci support at 109.00.
Pressure on the USD/JPY pair
“USD/JPY sold off last week to the 23.6% retracement at 109.00. This has held the initial test but we are not convinced that the correction lower is over and would allow for a slide to the March 10 and 23 lows at 108.41/34 and there is scope for the 38.2% retracement at 107.77.”
“Above 110.97 lies the 111.13/38 October 2018 low and mid-February 2019 high.”
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.