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USD/JPY well supported around 118.07 – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    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”.
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