FXStreet (Edinburgh) – In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s outlook has turned negative in the short-term.
Key Quotes
“USD/JPY has snapped its 2012-2016 uptrend and sold off aggressively towards the 118.06 October 2015 low. Failure here will trigger losses to the 116.15 August low”.
“The outlook is looking increasingly negative short term and at this stage we are unable to rule out losses back to the 114.00/113.95, the 23.6% retracement of the entire move up from the 2011 low. Please note the base of the weekly cloud lies at 113.47”.
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