FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could see a new visit of the area around 101.50.
“USD/JPY continues to sell off following the recent failure to register a close above the 102.80 June high”.
“The market has a sell off that we suspect will eventually retest the 55 week ma at 101.20”.
“While this together with the 2013-2014 support line at 100.55 hold scope will remain for recovery longer term”.
“Initial target is the 103.15 recent high and then we favour further gains to the 104.13 April peak. This together with the 104.45 78.6% retracement are regarded as the last defence for the 105.45 2014 high”.