USD/JPY: Sell the rallies to 111.30 - Commerzbank

Dhwani Mehta FXStreet

Karen Jones, Analyst at Commerzbank, offers key technical levels for trading USD/JPY today.

Key Quotes:

“USD/JPY has eroded the 110.85 end of November low and remains under pressure. Failure here targets the 110.15 and 108.90 Fibonacci retracements and allows for a move to the 107.34 2012-2018 uptrend. We note the 13 count on the 240-minute chart and would allow for a near-term rebound, intraday rallies are indicated to fail 111.30/65.“

“Initial resistance lies at 111.72/112.05 (200-day ma). Above here lies the 113.64/75 December highs. There is a lot of resistance directly overhead – namely the 113.92 2015-2018 downtrend line. Above here sits the 114.38/82 major resistance, we continue to favor failure.”

“Above 114.38/82 would target the 118.60 January 2017 high.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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