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.
“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.”
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.