USD/JPY falls for the 2nd straight day and nears the July low at 109.07. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, expects the pair to prolong its slide to the 55-week transferring common at 106.86.
USD/JPY challenges the July low at 109.07
“USD/JPY closing week examined and held under the 110.70 resistance and this week slipped in the direction of the 109.07 July low. Below it lies the 108.56 late May low and the 107.48 April low.”
“The 55-week ma lies at 106.86 and we would permit for some consolidation there.”