USD/JPY Focus is Now on 106.63 – Commerzbank
Karen Jones, Head of FICC Technical Analysis at Commerzbank, has noted
the relevance of the 106.63 level in light of the ongoing weakness in
“USD/JPY has eroded the base of the short term channel and the 2015-2016 channel and attention has reverted to the 106.63/38.2% retracement of the move up from 2012”.
“In this vicinity we also find the 200 month ma at 105.87 and we suspect that the market will attempt to stabilise here”.
(Market News Provided by FXstreet)