USD/JPY stays relatively quiet around mid-113.00s on Monday. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notices that a break below 113.26 would clear the way for a potential slump to the 111.66 July high.
“USD/JPY is consolidating above 113.26, it is on the defensive and looks increasingly toppy.”
“Should a close below the 113.26 recent low be seen we would allow for a deeper sell-off to 112.56, the 38.2% retracement, and potentially the 111.66 July high.”
“USD/JPY is consolidating above 113.26, it is on the defensive and looks increasingly toppy.”
“Should a close below the 113.26 recent low be seen we would allow for a deeper sell-off to 112.56, the 38.2% retracement, and potentially the 111.66 July high.”
