USD/JPY offered below 102.95/103.90 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the bearish bias while below the 102.95/103.90 band.

Key Quotes

“USD/JPY saw an aggressive sell off last week taking out 100.70, the 50% retracement of the move 2011 to 2015. and spiking down to .9900. Intraday rallies are likely to struggle circa 102.95/103.90 (50% and 61.8% retracements of the Brexit sell off) and while capped here the market will remain offered”.

“Note the 103.55 recent low is found here and key near term resistance is now 105.55 (May low) and the 106.87 overnight high”.

“Below 99.00 lies the 61.8% retracement of the move 2011 to 2015 at 94.75”.