Flash: USD/JPY near term risk is on the down side - Commerzbank

FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY executed a ‘return to point of break down’ and sold off sharply.

Key Quotes

“This type of price action is viewed as negative . While capped by 103.70 the near term risk remains for losses to 101.00 and possibly 100.00, the 50% and the 61.8% retracement of the move up from October.”

“Rallies will find additional resistance at 103.48 (previous support line) and the 20 day ma at 103.84.”