Thursday, September 10, 2015

USD/JPY bearish below 121.80 – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the negative bias prevailing in the pair as long as it trades in sub-121.80 levels.

Key Quotes

USD/JPY has seen a decent bounce higher, but is indicated to fail circa the 121.35 zone, resistance is being reinforced by the 20 day ma at 121.11”.

“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”.
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