Karen Jones, Analyst at Commerzbank, points out that USD/JPY has again sold off in its range and losses are likely to extend to the 2 month support line at 112.20 and the base of the cloud at 112.16, which may hold the initial test but the selloff is looking directional and failure here would target the 110.56/109.77 200 day moving average and August low.
“If the 109.77 August low were to give way, the June 8 low at 109.20 would be in focus. Failure there would imply a slide back to the 108.12 May 29 low and the mid-February high at 107.91.”
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