In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could grind lower towards 110.67.
“USD/JPY spent much of last week under pressure following its failure at the top of a 6 week channel at 113.90 and has now also erased its mid point”.
“Failure here should be enough to trigger losses to the 110.67 recent low and the 109.93 base of the channel”.
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