USD/JPY to retain a positive momentum while 112.73 holds – Commerzbank
|USD/JPY has reached the March 2017 high at 115.51 which capped. The pair is posting large losses below mid-114.00s on Friday and could extend its slump to the 112.73 early November low, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.
Initial support comes in at the uptrend line of 114.04
“Nearby support below the three-month support line at 114.04 lies at the 113.59 November 19 low and also at the 112.73 early November low. While it holds overall upside pressure should remain in play. Further down sits the 111.66 July high.”
“Above 115.60 is the 117.56 level, the 1998-2021 resistance line and 119.41, the downtrend from 1975.”
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.