USD/JPY: Sell the rallies to 111.30 - Commerzbank
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.”