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      USD/JPY negative below 121.35/80 – Commerzbank

      FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s outlook remains bearish while below 121.35/80.

      Key Quotes

      USD/JPY last week failed at the 121.06 6 week resistance line and has sold off to its near term support line, this is located at 119.11 today”.

      “Currently we remain negative below the 121.35/80 zone. The market has failed recently at the 61.8% retracement at 121.80”.

      “We look for this to continue to cap the topside and we then look for a retest of 118.33/25 (March low) en route to the 116.15/115.85 2015 low and the recent low”.

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