USD/JPY: 2-year range base eroded – Commerzbank

USD/JPY has eroded the base of its 2 year range at 104.10/05 – 2018 low and the 200 month ma. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, examines the pair technically.

Key quotes

“The break below 104.10 introduced scope to 101.80/100.70 (long term pivot and Fibo) and this should hold the initial test. Below here lies the 99.00 June 2018 low, then 95.00/94.75 long term Fibo.”

“Near term rallies are indicated to fail in the 105.20/106.20 vicinity.”