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11 Sep 2015
USD/JPY still bearish below 121.80 – Commerzbank
FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the perspective for the pair remains negative while below 121.80.
Key Quotes
“USD/JPY we look for this rally to fail circa the 121.35/80 zone. The market has failed recently at the 61.8% retracement at 121.80”.
“We look for this to continue to cap the topside and we then look for a retest of 118.33/25 (March low) en route to the 116.15/115.85 2015 low and the recent low”.
“Directly below here lies the 2012-2015 115.56 uptrend. Below here lies the 23.6% retracement of the entire move up from the 2011 low – this is located at 113.98. We look for this to hold the initial test”.
Key Quotes
“USD/JPY we look for this rally to fail circa the 121.35/80 zone. The market has failed recently at the 61.8% retracement at 121.80”.
“We look for this to continue to cap the topside and we then look for a retest of 118.33/25 (March low) en route to the 116.15/115.85 2015 low and the recent low”.
“Directly below here lies the 2012-2015 115.56 uptrend. Below here lies the 23.6% retracement of the entire move up from the 2011 low – this is located at 113.98. We look for this to hold the initial test”.