FXStreet (Edinburgh) – According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the area around 118.00 acts as a strong support.
Key Quotes
“USD/JPY seems to have made an interim low at 118.07 on Thursday”.
“Currently unexpected failure there would allow for a slide to the 2012-2015 117.12 uptrend to be seen”.
“Please note that we look for this to hold the downside and provoke longer term recovery. While 118.07 underpins, the resistance line at 119.66 should be retested”.
(Market News Provided by FXstreet)