USD/JPY remains on the defensive – Commerzbank

According to Karen Jones, analyst at Commerzbank, USD/JPY pair remains on the defensive following its recent rejection from the 20 day ma at 109.43 and the market stays immediately offered below the near term downtrend at 109.74.

Key Quotes

“Our initial target is the 107.27 61.8% Fibonacci retracement then the 78.6% retracement at 105.87. Minor resistance comes in at the 110.84 April 10 low and the 111.34 200 day moving average. These guard the 2015-2019 112.33 downtrend.”

“We look for the market to remain capped by its downtrend, only above here would target the 114.55 October 2018 high.”