USD/JPY remains under pressure – Commerzbank

Sandeep Kanihama FXStreet Contributor

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.

Key Quotes

“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.”

“Further down sits the 107.27 61.8% Fibonacci retracement. Minor resistance comes in at the 109.70 March low and at the 110.17 early February high.”

“Above the 112.44 downtrend lies the 114.55 October 2018 high.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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