USD / JPY closed the last four trading days in the red and appears to have entered a consolidation phase around 113.00. Karen Jones, Head of Technical Analysis Research Team at Commerzbank, expects the pair to extend its slide to July high at 111.66 and rally from here.
“We are seeing that the USD / JPY has made a short-term top.”
“The cross is likely to see a deeper retracement to 112.56 and then to 111.90, 38.2% and 50% retracement, respectively. The July high at 111.66 is also in this zone and ideally the market will retrieve from here “.
“It is Recoveries likely to find the 20-day moving average at 113.80 before hitting 114.55 / 69, the November 2017 high and the recent high. “
“A loss of 110.80 is needed to destabilize the chart and allow a deeper sell to the key short-term supports at 109.07 / 10 and 108.73 (July and August lows).”
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