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13.05.2019 17:19

USD/JPY: Under pressure - Commerzbank

In view of Axel Rudolph, analyst at Commerzbank, USD/JPY pair remains under pressure following its recent key week reversal from the 112.48 2015-2019 downtrend.

“It has however sold off to an interim target at 109.70/23. This area represents the March low, the base of the weekly cloud at 109.55 and the 38.2% retracement at 109.23 and we may see some near term consolidation around here. Failure there targets the 50% retracement at 108.25 and the 107.27 61.8% Fibonacci retracement. Intraday rallies are indicated to fail around 110.10/40. Above the 112.48 downtrend will target the 114.55 October 2018 high.”


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Forex is open 24 hours a day, 5 days a week (except national holidays), and it can be broken up to the following four regional markets: Australia and Oceania, Asia, Europe, and America. A Forex trading session opens at 23:00 GMT on Sunday in Japan and closes at 22:00 GMT on Friday in the USA.

 
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Sydney 21:00 06:00 00:00 09:00 00:00 09:00
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