In view of Axel Rudolph, analysts at Commerzbank, USD/JPY remains under pressure following its recent key week reversal from the 112.44 2015-2019 downtrend.
“It has reached the 38.2% retracement at 109.23 and we may see some near term consolidation between this level, the late January low at 108.49 and the 50% retracement at 108.25.”
“Above the 112.44 downtrend lies the 114.55 October 2018 high.”
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