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.”

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