USD/JPY remains under pressure - Commerzbank

Sandeep Kanihama FXStreet Contributor

Axel Rudolph, analyst at Commerzbank, suggests that the USD/JPY pair remains under pressure following its recent key week reversal from the 112.42 2015-2019 downtrend.

Key Quotes

“It has reached the 38.2% retracement at 109.23 and dropped to 109.02 before recovering slightly in the course of this week. Failure at 109.02 would push the late January low at 108.49 and the 50% retracement at 108.25 to the fore. Further down sits the 107.27 61.8% Fibonacci retracement.”

“Minor resistance comes in 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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