According to Karen Jones, analyst at Commerzbank, USD/JPY pair is back under pressure and suggests that they would allow slippage back towards the 104.10 spike low after it rallied to and has so far failed at the 108.49 accelerated downtrend.
“The recent move lower was exhaustive and we suspect that this will hold for now. A negative bias remains intact while capped by 109.09, last weeks high, Support at 104.63/10 guards 100.70 Fibonacci support and the 99.00 2016 low.”
“Resistance at 111.38, the 26th October low, guards112.23 the 6 th December low and the top of the range at 113.84.”
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.