USD/JPY attention shifted to 99.89/99.00 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair has now shifted its focus to the 99.89 and 99.00 levels.

Key Quotes

“USD/JPY remains on the defensive following the erosion of the 78.6% retracement and the focus is now on the 99.89 2012-2016 support line and 99.00 24th July low. Failure here would trigger losses to the 96.15 monthly cloud”.

“intraday the market is indicated to hold over 99.00 (in fact on every time scale this is indicated to be the end of the down move). The market will find initial resistance at 100.82 (previous Fibo) and 102.83 (2nd August high). Rallies will need to regain 103.55 in order to challenge the top of cloud resistance at 105.23”.