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.”
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